Audit and Corporate Governance Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Lennie
Main Page: Lord Lennie (Labour - Life peer)Department Debates - View all Lord Lennie's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 8 months ago)
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Lord Callanan (Con)
I do not agree that the audit market is in crisis. Some worthwhile improvements can be made, which is what we are proposing. The noble Lord will see that a full impact assessment is attached to the proposals.
Lord Lennie (Lab) [V]
My Lords, further to the question of my noble friend Lord McKenzie, can the Minister confirm that any annual report on the state of the City, as proposed in the report of the noble Lord, Lord Hill, will clearly outline how the dominance of the big four accountancy firms has been reduced?
Lord Callanan (Con)
The big four accountancy firms are important to the regime but we want to introduce more possible competition into it, which is why we are introducing the proposals for shared managed audit to try to bring up the capacity of medium-sized companies.