§ Mr. CousinsTo ask the Secretary of State for Trade and Industry whether he has any plans to require that before any organisation is granted supervisory status in audit or accountancy, its rules should include disclosure of partners' fees, and partnership donations for political or charitable purposes.
§ Mr. RedwoodThe Secretary of State has no power to refuse recognition on these grounds.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry how many representations his Department has made in the years 1989 and 1990 to(a) CCAB Ltd. and (b) the Auditing Practices Committee; what topics those representations covered; and whether he will place the text of all such representations in the Library.
§ Mr. RedwoodMy Department discusses matters of concern as necessary with representatives of the CCAB. It also participates fully in the work of the Auditing Practices Committee through its non-voting membership of the committee, and it comments on the committee's exposure drafts. Copies of responses to exposure drafts are available in the libraries of the CCAB bodies, and I have placed in the Library a copy of the Department's written comments made since January last year.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry what is his policy on any organisation granted supervisory status in audit or accountancy having rules to prevent auditors from having the beneficial ownership of shares in the companies they audit.
§ Mr. RedwoodUnder the Companies Act 1989, the Secretary of State cannot recognise a supervisory body unless it appears to him to have adequate rules and practices in respect of professional integrity and independence.