§ Mr. MitchellTo ask the President of the Board of Trade if she will make a statement on the auditors' duties in respect of reporting money laundering to the regulatory authorities. [31055]
§ Mr. Ian McCartneyAuditors are subject to the statutory duty in the Criminal Justice Act 1993 which requires all persons to report to the appropriate authorities any suspicions of money laundering related to drug trafficking or terrorist activity, gained in the course of their work. Further requirements on auditors in particular to report other instances of money laundering are applied through the guidance issued by the Auditing Practices Board (APB).
§ Mr. MitchellTo ask the President of the Board of Trade if she will provide for a duty of care incumbent on auditors by audit regulations. [31199]
§ Mr. Ian McCartneyI have no statutory powers to impose on auditors a substantive duty of care to any person, or to modify the duties of care currently owed by auditors under the common law.