June 22, 2006

What? Is it not criminal today?

FT reported on June 21 “that William Parrett, global chief executive of Deloitte (one of the big four), has called for lying to auditors to be made a criminal offence worldwide, a move he believes could help deter fraud and false accounting” and I guess many readers shared my instinctive reaction of What? Is it not criminal today? Well, then no wonder!

I believe many of us would appreciate it if FT provided us a brief, in layman terms, legal explanation of where we are now, and where Mr Parrett wants us to go.