§ Mr. Richard Wainwright
asked the Secretary of State for Industry if, when he next exercises his power of appointment of auditors under the Iron and Steel Act 1975, he will have regard to comparative records of performance of various firms of accountants in relation to inflation accounting.
§ Mr. Les Huckfield
In exercising his powers of appointment of auditors my right hon. Friend has regard to their overall competence; their performance must be consistent with the highest standards of the accountancy profession. The way in which the effects of inflation are provided for in the British Steel Corporation's accounts is a matter for the corporation rather than the auditors.