§ Mr. MitchellTo ask the Secretary of State for Trade and Industry (1) what estimate he has made of the cost of implementing his Department's proposals on regulation of accountancy; [82546]
(2) what estimate he has made of the cost of implementing his Department's proposals for regulating auditing; and what proportion of that cost each of the parties will bear. [82547]
§ Mr. Ian McCartneyThe new framework for the regulation of the accountancy profession is non-statutory and funded by the bodies represented on the Consultative Committee of Accountancy Bodies. The Government have not made their own estimate of the costs but the running costs are expected to be of the order of £5 million a year. Since much of the new framework will replace existing regulatory arrangements, the additional costs will be relatively small.
§ Mr. MitchellTo ask the Secretary of State for Trade and Industry if he will list the accountancy firms whose affairs have been investigated following criticisms of their conduct in his Department's inspectors' reports. [82925]
§ Mr. Ian McCartneyInspectors' reports published since 1990 which contain criticisms of accountancy firms are set out in the table. Such reports are referred to the recognised professional body of the firm concerned and investigations are a matter for that body.