Written question asked by Austin Mitchell (Labour) on Friday, 28 February 2003, in the House of Commons. It was due for an answer on Wednesday, 19 March 2003. It was answered by Melanie Johnson (Labour) on Wednesday, 19 March 2003 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, what plans she has to require auditors to owe a duty of care to individuals who are shareholders at the date of the audit report.

Answer: Mr. Austin Mitchell: To ask the Secretary of State for Trade and Industry what plans she has to require auditors to owe a duty of care to individuals who are shareholders at the date of the audit report. [100916] Miss Melanie Johnson: The Company Law Review carefully considered the arguments for and against extending by statute those to whom a company's auditors owe a duty of care. The Final Report concluded, in the light of responses to consultation, that the case for statutory extension had not been made out and that negligence law in this field was best left to the normal process of case law. The Government is considering this recommendation as part of the wider issue of auditor liability.

Secondary information

Type: Written question
Reference: 100916; 401 c765W
Session: 2002-03
Subjects: Audit Accountancy Company accounts Companies Inspections Liability Protection Shareholders
Link: View this Written question on www.publications.parliament.uk