In her Speech from the Throne, the Queen revealed that the UK government will, over the coming year, be introducing a Companies (Audit, Investigations and Community Enterprise) Bill, designed to strengthen corporate governance in the United Kingdom, and prevent Enron-style abuses from taking place.
Under the terms of the new bill, auditing rules will be strengthened, and powers to investigate wrongdoing within companies in the UK will be increased.
Company heads will be obliged to state that they have not withheld information from their auditors, and will additionally be required to publish details of any non-audit services purchased from their auditors.
The Inland Revenue will also be able to pass on information about any suspect accounts to the relevant authorities.
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