§ Mr. Mitchell
To ask the President of the Board of Trade if she will extend the requirement to detect and report fraud placed on local authority and bank auditors to other private sector auditors. 
§ Mr. Ian McCartney
My right hon. Friend the President of the Board of Trade has no plans to do so.
Guidance on the rights and duties of auditors required to report to regulators in the financial sector was set out in the Auditing Practices Board's (APB) "Statement of Auditing Standards" (SAS) 620, issued in March 1994 and revised in March 1995. The APB has published two further SASs that clarify the rights and duties of auditors when reporting fraud or any other non-compliance with regulations. These are SAS 110: Fraud and Error and SAS 120: Consideration of Law and Regulations. Copies of these documents are available for inspection in the Library of the House.