Tuesday, October 12, 2004

Of pots and kettles

In the wake of the Enron and Parmalat accountancy scandals, the EU commission is planning a "crackdown" on company balance sheet reporting practices.

This, we are told, comes as part of a broader drive by the commission to improve the rights of shareholders, increase corporate transparency and limit the risk of boardroom excesses and financial scandals.

Am I the only one who think that this is a bit rich, coming from an organisation that that has not had its own accounts approved for eight years and whose chief accountant, Marta Andreason, was suspended after publicly warning that its accounting methods left it wide open to fraud?

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