UK accountancy reform report. From The Guardian - United Kingdom.
Jan 29, 2003
UK Government plans to reform regulation of the accounting profession in the wake of Enron-style conflicts of interest.
There has been formal complains that the "big four" accountancy firms have "stitched up" the private finance initiative (PFI) and public private partnership (PPP) which provide private cash for major public projects like schools and hospitals.
A previous report found 45 examples where main accountancy firms acted as financial advisers and auditors on major public authority projects. Government proposals are expected to merge the financial reporting council with the accountancy foundation, the current watchdog body, and strengthen its monitoring functions. The report claims there is a revolving door between the big four and government since ministers, ex-ministers, MPs, and civil servants have all been in the pay of these firms.
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