§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what plans she has to restrict the number of quoted companies which a single audit firm can audit at the same time. [100903]
§ Miss Melanie JohnsonWe have no plans to do so.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if she will list the auditors of the public bodies sponsored by her Department. [100904]
§ Miss Melanie JohnsonThe auditors in 2001/2002 of the public bodies sponsored by DTI are listed in the Cabinet Office publication Public Bodies 2002. The same auditors will be used in 2002–2003.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if she will require the Auditing Practices Board to hold public hearings before setting any auditing standard. [100906]
§ Miss Melanie JohnsonNo. The Report of the Review of the Regulatory Regime of the Accountancy Profession, published on 29 January, recommended that the Financial Reporting Council, of which the Auditing Practices Board (APB) is a subsidiary body, should improve arrangements for transparency including ensuring easy access to clear information about the purpose of the organisation, its place in the regulatory framework and its work programme and performance, and that this should extend to the publication of summary board minutes and papers. The APB already publishes the minutes of its meetings.
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§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if she will require UK companies to disclose reasons for setting up operation in offshore financial centres whose laws do not require them to publish audited accounts. [100911]
§ Miss Melanie JohnsonI have no plans to do so. Companies are required to consolidate the activities of such vehicles in the UK parent's audited accounts if they are subsidiary undertakings.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what plans she has to give audit committees of companies full access to the working papers of their auditors. [100912]
§ Miss Melanie JohnsonAuditors' conclusions should be shared in full with audit committees and with all company directors. Sir Robert Smith's review of the Combined Code Guidance, published on 20 January, clarifies and expands upon the existing guidance on the audit committee's role in reviewing the work of the auditor throughout the audit cycle. Copies of that report have been placed in the Libraries of the House. I have no plans to introduce a requirement on auditors to disclose all their working papers.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what plans she has to require the auditors of public limited companies to file copies of the audit tender with a designated regulator. [100914]
§ Miss Melanie JohnsonI have no plans to do so.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what plans she has to ban auditing firms from selling off-balance sheet financing schemes to their audit clients. [100978]
§ Miss Melanie JohnsonThere are no plans to introduce such a ban. The provision of non-audit services by auditors to their clients is covered in chapter 1 of the Final Report of the Coordinating Group on Audit and Accounting Issues, published on 29 January. Copies of the Report have been placed in the Libraries of the House.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry what plans she has to give incoming auditors a right of access to the outgoing auditor's working papers. [100979]
§ Miss Melanie JohnsonWe have no plans to do so.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if she will give the Financial Services Authority an unrestrained right of access to the working papers of auditors. [100980]
§ Miss Melanie JohnsonThe Financial Services Authority already has powers to obtain information from auditors.