The Smith Report was a report on

corporate governance Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions ...

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 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 corporat ...

and the

Enron scandal The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen then ...

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

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pa ...

. 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