Lords committee to look at role of audit in banking crises

18 January 2011

The House of Lords Economic Affairs Committee will take evidence from Lord Myners, former Financial Services Secretary, at 4.15pm on Tuesday 18 January as part of their inquiry into market concentration in the audit market.

The Committee will question Lord Myners about meetings he held with representatives of the ‘Big Four’ audit companies during the banking crisis and what assurances the Government gave the auditors to enable them to sign off UK banks as going concerns.

The evidence session will be one of three the Committee holds on 18 January.

Also giving evidence on the day will be representatives of the The International Accounting Standards Board (IASB), the UK Accounting Standards Board (ASB), and ratings agencies Fitch, Moodys and Standard and Poors.

The, IASB and ASB will be asked about changes in accounting standards and their impact on audit standards while the witnesses from the ratings agencies will be asked about the influence of ratings on audit judgments. 

The evidence session will be held in Committee Room 1 of the House of Lords, the full details of the evidence sessions are:

  • 3.35pm, Professor David Myddelton, Steve Cooper, IASB Roger Marshall, ASB
  • 4.15pm, Lord Myners
  • 4.45pm, Paul Taylor, President, Fitch, Alistair Wilson, Chief Credit Officer, Credit Policy, Moodys

Further information

The Economic Affairs Committee is one of the five permanent investigative committees in the House of Lords and is charged with considering economic affairs. 

Public committee sessions are open to everyone, including the press, and follow proceedings from the public gallery.

Image: Press Association

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