§ Mr. DrewTo ask the Chancellor of the Exchequer what plans he has to review the work of auditors. [8901]
§ Mr. Andrew Smith[holding answer 19 October 2001]: The Government are currently considering recommendations made by Lord Sharman in his report "Holding to Account" which arose out of his review of audit and accountability for central Government in the 21st century. The report includes recommendations designed to ensure high quality external audit in central Government. The Government will be responding to the report following due consideration of the issues raised.
With regard to external audit standards in the economy more widely, there are statutory arrangements which require company auditors to be properly supervised and appropriately qualified. These arrangements are a matter for the Secretary of State for Trade and Industry.