Audit Commission

Lord Tebbit Excerpts

Thursday 14th October 2010 Lords Chamber

[Baroness Hanham]

My Lords, clearly there will be savings. At the moment, the estimate is about £50 million, but I expect that may vary either up or down. The Audit Commission has appointed Gareth Davies to see how the commission is taken into the private sector, which is an excellent move forward. I look forward to seeing how that goes and the Audit Commission’s proposals for the future.

[Lord Tebbit]

My Lords, without regard to the merit of this particular decision, does my noble friend agree that we should look rather closely at the record of the major accountancy and audit firms in this country? After all not one of them detected anything wrong with any of the bank accounts which they audited.