The Smith Report was a report on

corporate governance Corporate governance refers to the mechanisms, processes, practices, and relations by which corporations are controlled and operated by their boards of directors, managers, shareholders, and stakeholders. Definitions "Corporate governance" may ...

submitted to the UK government in 2003. It was concerned with the independence of auditors in the wake of the collapse of

Arthur Andersen Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corpo ...

and the

Enron scandal The Enron scandal was an accounting scandal sparked by American energy company Enron, Enron Corporation filing for bankruptcy after news of widespread internal fraud became public in October 2001, which led to the dissolution of its accounting ...

in the US in 2002. Its recommendations now form part of the Combined Code on corporate governance, applicable through the

Listing Rules The UK Listing Rules (UKLR) are a set of regulations applicable to any company listed on a United Kingdom stock exchange, subject to the oversight of the Financial Conduct Authority (FCA). The UK Listing Rules set out mandatory standards for any c ...

for the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

. It was substantially influenced by the views taken by the EU Commission.Official Journal, 19.07.2002, ''Commission Recommendations, Statutory Auditors' Independence in the EU: A Set of Fundamental Principles''. 200
OJ L 191/22
/ref> One important point was that an auditor himself should look at whether a company's corporate governance structure provides safeguards to preserve his own independence.

References

External links

Smith Report (in full)General page
by the

Financial Reporting Council The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and ...

Corporate governance in the United Kingdom 2003 in the United Kingdom Reports of the United Kingdom government Reports on finance and business {{UK-law-stub

See also

References

External links