My Lords, I welcome the amendments tabled by the noble Baroness, Lady Noakes, to highlight the importance that provisions relating to electoral law are consistent with accounting practice. I know that the noble Baroness speaks with great experience and expertise in this area, having served as the president of the Institute of Chartered Accountants in England and Wales, as well as holding various senior positions in the accounting and finance area.
Specifically, these amendments focus on the registration of parties and the declaration of assets in relation to this process. It is crucial that the individuals and groups participating in elections are fully transparent in their practices—a point which these Benches have consistently raised during debates on amendments in previous stages of the Bill.
I hope the Minister can provide assurances that PPERA and other legislation governing political activities are already consistent with accounting practice, but I would also appreciate if she could use this opportunity to provide a more general update on how the evolving governance of accountancy and reporting will relate to political finances.
Finally, the Minister will be aware that the Financial Reporting Council is preparing to transition to become the audit, reporting and governance authority. Can
she confirm whether the Government expect the new authority to play any role in overseeing finances relating to elections? I look forward to assurances from the Minister.