White Paper outlines new audit rules

first_imgWhite Paper outlines new audit rulesOn 23 Jul 2002 in Personnel Today Company directors and employees could face up to two years in jail andunlimited fines for giving misleading information to auditors, under agovernment review of company law. The proposal, part of a Government White Paper published last week bycompetition minister Melanie Johnson, would give auditors a statutory right torequest company information from employees and certain contractors and wouldforce directors to volunteer information to auditors. “The White Paper is a blueprint for a new era in British corporatehistory,” said Johnson. “These proposals will help make Britain thebest place in the world to start and grow a business and create an environmentthat promotes confidence, opportunity and prosperity for all.” The White Paper sets out to increase confidence in business, improvegovernance to encourage and support responsible business and to simplify thelaw and reduce burdens on small firms. It also includes plans to set out directors’ duties clearly in statute forthe first time, with clear guidance for all directors on their obligationsunder the law. www.dti.gov.uk Related posts:No related photos. Comments are closed. Previous Article Next Articlelast_img read more