The hon. Lady asked for an example. I wonder whether the Department of Trade and Industry report on the performance of Coopers and Lybrand as auditors in the Maxwell case might provide her with a convincing one. The evidence cited was that the senior partner at Coopers and Lybrand summed...

The hon. Lady asked for an example. I wonder whether the Department of Trade and Industry report on the performance of Coopers and Lybrand as auditors in the Maxwell case might provide her with a convincing one. The evidence cited was that the senior partner at Coopers and Lybrand summed...

Can the hon. Lady tell us from her experience as a chartered accountant whether any malfeasance by an auditor, whether reckless or not, ever comes to light unless the company goes belly-up and flops? Was there reckless behaviour in Andersen’s audit of Enron in the United States?

Can the hon. Lady tell us from her experience as a chartered accountant whether any malfeasance by an auditor, whether reckless or not, ever comes to light unless the company goes belly-up and flops? Was there reckless behaviour in Andersen’s audit of Enron in the United States?

It is interesting to get a clear-cut opinion from the hon. Member for Cambridge (David Howarth), who is leading for the Liberal Democrats, at least on this issue, and an opinion in favour of the Government. I welcome that. I was amazed at the case advanced by the official Opposition...

It is interesting to get a clear-cut opinion from the hon. Member for Cambridge (David Howarth), who is leading for the Liberal Democrats, at least on this issue, and an opinion in favour of the Government. I welcome that. I was amazed at the case advanced by the official Opposition...

It is certainly true that the main problems are caused by the big four. Their failures and their practices act as a slur on the entire accountancy profession and audit. However, the Government’s aim, and ours, is to achieve proper, effective audit. Audit is valuable, important and required by law,...

It is certainly true that the main problems are caused by the big four. Their failures and their practices act as a slur on the entire accountancy profession and audit. However, the Government’s aim, and ours, is to achieve proper, effective audit. Audit is valuable, important and required by law,...

That is a fairly far-fetched picture. It is ridiculous to suggest that, because auditors report that action was taken against them in one jurisdiction, clients will flee from the firm that is being audited. However, on the hon. Lady’s basic point, I simply answer that the international composition that she...

That is a fairly far-fetched picture. It is ridiculous to suggest that, because auditors report that action was taken against them in one jurisdiction, clients will flee from the firm that is being audited. However, on the hon. Lady’s basic point, I simply answer that the international composition that she...

Does not any limitation of liability—whether introduced by agreement, a cap or some other means—strengthen the big four against the smaller accountancy businesses that the hon. Lady and I want to protect and encourage?

Does not any limitation of liability—whether introduced by agreement, a cap or some other means—strengthen the big four against the smaller accountancy businesses that the hon. Lady and I want to protect and encourage?

I rise to support the speech made by my hon. Friend the Member for Newcastle upon Tyne, Central (Jim Cousins) and to put the case for the amendments. We are trying to enforce liability, particularly against the big firms. The auditor has responsibilities and it is not reasonable that liability...

I rise to support the speech made by my hon. Friend the Member for Newcastle upon Tyne, Central (Jim Cousins) and to put the case for the amendments. We are trying to enforce liability, particularly against the big firms. The auditor has responsibilities and it is not reasonable that liability...

That is correct, and the reluctance of even big City law firms to embark on a case against the big four has been pointed out. They do, however, embark on cases against each other. When there is a question of making the auditor liable, the case is usually brought by...

That is correct, and the reluctance of even big City law firms to embark on a case against the big four has been pointed out. They do, however, embark on cases against each other. When there is a question of making the auditor liable, the case is usually brought by...

There is no doubt that there is a move to restrict the sale of tax advice by auditors to their clients, just as is happening in America. My hon. Friend the Member for Newcastle upon Tyne, Central (Jim Cousins) is exactly right: we are being dragged behind the Americans, step...

There is no doubt that there is a move to restrict the sale of tax advice by auditors to their clients, just as is happening in America. My hon. Friend the Member for Newcastle upon Tyne, Central (Jim Cousins) is exactly right: we are being dragged behind the Americans, step...

I was interested in the speech of the hon. Member for Huntingdon (Mr. Djanogly) because it is fairly typical of the Opposition’s approach throughout the Bill, which is to trot behind the Government, nagging and niggling, trying to turn themselves into the political arm of the Law Society—which is a...

I was interested in the speech of the hon. Member for Huntingdon (Mr. Djanogly) because it is fairly typical of the Opposition’s approach throughout the Bill, which is to trot behind the Government, nagging and niggling, trying to turn themselves into the political arm of the Law Society—which is a...

I am glad to see that the Liberal faith in human virtue and the virtue of companies lives on. Lots of organisations have something to hide, and lots choose to hide it. I do not want to provide any more opportunities for them to do so. New clauses 16 and...

I am glad to see that the Liberal faith in human virtue and the virtue of companies lives on. Lots of organisations have something to hide, and lots choose to hide it. I do not want to provide any more opportunities for them to do so. New clauses 16 and...

I am grateful to my hon. Friend for making that point.

I am grateful to my hon. Friend for making that point.

The principle the hon. Gentleman’s invokes is that we should not publish any information about anything or anybody. In relation to his fishing activities, I picture him in his waders in the rivers of north Wales, which is a touching spectacle—but that that must be kept from the public eye,...

The principle the hon. Gentleman’s invokes is that we should not publish any information about anything or anybody. In relation to his fishing activities, I picture him in his waders in the rivers of north Wales, which is a touching spectacle—but that that must be kept from the public eye,...

We are making heavy weather of a straightforward issue, although it was fascinating and quite a spectacle to see the Lib Dem spokesman, the hon. Member for Cambridge (David Howarth), struggling to maintain a foot in both camps, in his usual fashion and in his lawyerly way. However, the issue...

We are making heavy weather of a straightforward issue, although it was fascinating and quite a spectacle to see the Lib Dem spokesman, the hon. Member for Cambridge (David Howarth), struggling to maintain a foot in both camps, in his usual fashion and in his lawyerly way. However, the issue...

The next group will have to be voted on at 3 pm as well, and the principle is exactly the same—the publication of information by companies so that markets and the authorities know what is going on. That applies to amendment No. 820, which deals with the publication of the...

The next group will have to be voted on at 3 pm as well, and the principle is exactly the same—the publication of information by companies so that markets and the authorities know what is going on. That applies to amendment No. 820, which deals with the publication of the...

I shall speak briefly in support of new clauses 1 and 2, but I also want to speak to some other amendments tabled by myself and my hon. Friends. They further the same principle of keeping companies accountable by reporting—in other words, by asking them to say what they have...

I shall speak briefly in support of new clauses 1 and 2, but I also want to speak to some other amendments tabled by myself and my hon. Friends. They further the same principle of keeping companies accountable by reporting—in other words, by asking them to say what they have...

I am grateful to my hon. Friend, who was of course in the investigative journalism trade—and a very good trade it is, too. I was in the electronic media, so we did not do any investigation. We just shouted at people, which was perhaps a mistake; perhaps we conducted ourselves...

I am grateful to my hon. Friend, who was of course in the investigative journalism trade—and a very good trade it is, too. I was in the electronic media, so we did not do any investigation. We just shouted at people, which was perhaps a mistake; perhaps we conducted ourselves...

My hon. Friend is becoming excessive in his moderation. Unless the law requires companies to take account of the views of their employees, it is difficult to see how those views are to be included. Our workers have fewer rights in their companies than those of any other European country....

My hon. Friend is becoming excessive in his moderation. Unless the law requires companies to take account of the views of their employees, it is difficult to see how those views are to be included. Our workers have fewer rights in their companies than those of any other European country....

I beg to move amendment No. 761, in page 71, line 10, at end insert ‘and domiciled in the United Kingdom’.

I beg to move amendment No. 761, in page 71, line 10, at end insert ‘and domiciled in the United Kingdom’.

The principles of amendments Nos. 761 and 762, which are in my name and those of my hon. Friends, are fairly clear. Up until now, we have been dealing with the duties of directors and companies. The problem is how we take account of those duties and how directors and...

The principles of amendments Nos. 761 and 762, which are in my name and those of my hon. Friends, are fairly clear. Up until now, we have been dealing with the duties of directors and companies. The problem is how we take account of those duties and how directors and...