Select Committee on Treasury Minutes of Evidence

Examination of Witnesses (Questions 417-419)




  417. Good morning, gentlemen. I am sorry that the previous sessions overran, but I know you were here and listened to some of the fascinating evidence which was produced. Could you introduce yourselves, please?

  (Mr Grewe) John Grewe, Director of Financial Reporting Policy at the DTI.
  (Mr Rogers) Richard Rogers, Director, Company Law and Investigations in the DTI.
  (Mr Loweth) David Loweth, Head of the Central Accountancy team at the Treasury.
  (Mr Lawton) David Lawton, Head of Financial Stability and Markets team at the Treasury.

  418. What is the Government's position on funding of the Accountancy Foundation? Mention has been made that it is not seen as independent.
  (Mr Grewe) This is something which has been in the media a lot lately. The Foundation was set up on an agreement between Government and the accounts profession a few years ago and the clear basis for it was that the profession would fund it and that is the current arrangement; funding is arranged for the first three years. More recently there has been the proposition that it cannot be truly independent of the profession unless it has funding from Government or from somewhere else. We recognise that there is an issue which is in play there. It has only just got into being. It is part of the original agreement that there would be a review. Clearly things can be done more or less quickly in response to that. It is one of the issues within the co-ordinating group which is chaired by Ministers but Government have not come back and said yes, we should change the funding arrangements definitely at this stage.

  419. Were you thinking about it?
  (Mr Grewe) It must be an issue which it is right to consider.

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