Audit and Corporate Governance Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Baroness Neville-Rolfe
Main Page: Baroness Neville-Rolfe (Conservative - Life peer)Department Debates - View all Baroness Neville-Rolfe's debates with the Department for Business, Energy and Industrial Strategy
Audit and Corporate Governance
Baroness Neville-Rolfe Excerpts(3 years, 7 months ago)
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Lord Callanan (Con)
We are discussing audit reforms and reforms to the audit market. I think that the noble Baroness may want to have a separate debate about reforms to company structures.
Baroness Neville-Rolfe (Con)
My Lords, I refer to my interests in the register. I hope my noble friend realises that this audit and governance package is onerous. It will place significant costs on businesses of all shapes and most sizes and is, I fear, unlikely to achieve a lot in practice. Does he not agree that the best and more immediate way forward would be for the existing, comprehensive rules to be enforced properly by everyone—including firms, auditors and, if appropriate, prosecutors—while minimising the burden of any new regulations?