The regulatory environment after MG Rover: a whole new set of goalposts

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As long ago as July 2005, the Accountancy and Actuarial Discipline Board (AADB) launched an investigation into the conduct of accountants involved in the attempted rescue of MG Rover in 2004–5. That process ended in a hearing this summer. The tribunal has produced a decision that, in the words of Paul George, the Financial Reporting Council’s executive director of conduct, ‘should be essential reading for all members of the profession’.

It should be noted that Deloitte has applied for permission to appeal against this decision.

Deloitte was MG Rover’s auditors and also provided corporate finance advice to the company. The AADB’s complaints, as finally formulated in complaints produced last year, related to two particular corporate finance projects…

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