§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry how many companies have been forced to revise defective accounts by the Financial Reporting Review Panel; and how many auditors have been disciplined as a result. [100761]
§ Miss Melanie JohnsonSince 1991, 14 companies have been required to revise their financial statements by issuing corrected accounts after investigation by the Panel. Over 50 other companies have been required to take alternative corrective action in respect of defective accounts.
The Panel always alerts the relevant professional bodies whose members have been involved in either the preparation or audit of accounts requiring correction. It is for these bodies to decide what action is appropriate. The Panel is informed of their decisions and is aware that disciplinary action is taken in appropriate cases.