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Companies (Audit, Investigations and Community
Enterprise) Bill [HL]


 

Companies (Audit, Investigations and Community
Enterprise) Bill [HL]

 
 

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by the Department of Trade and Industry, are

published separately as Bill 142—EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Ms Secretary Hewitt has made the following statement under section 19(1)(a) of the

Human Rights Act 1998:

In my view the provisions of the Companies (Audit, Investigations and Community

Enterprise) Bill [HL] are compatible with the Convention rights.

 
Bill 14253/3
 
 

 

Companies (Audit, Investigations and Community
Enterprise) Bill [HL]

 

 
 

Contents

Part 1

Auditors, accounts and investigations

Chapter 1

Auditors

Recognised supervisory bodies

1   

Additional requirements for recognition of supervisory bodies

2   

Arrangements to which additional requirements for recognition relate

Delegation of Secretary of State’s functions in relation to auditors

3   

Delegation of functions by Secretary of State to new or existing body

4   

Circumstances in which Secretary of State may delegate functions to existing

body

5   

Supplementary provisions about delegation orders

Auditors’ qualifications

6   

Approval of overseas qualifications for auditors

Services provided by auditors

7   

Disclosure of services provided by auditors and related remuneration

Chapter 2

Accounts and reports

Auditing of accounts

8   

Auditors’ rights to information

9   

Statement in directors’ report as to disclosure of information to auditors

 
Bill 14253/3
 
 

Companies (Audit, Investigations and Community
Enterprise) Bill [HL]

iv

 

Defective accounts

10   

Persons authorised to apply to court in connection with defective accounts

11   

Disclosure of tax information by Inland Revenue to facilitate application for

declaration that accounts are defective

12   

Power of person authorised to require documents, information and

explanations

Directors’ reports

13   

Power to specify bodies who may issue reporting standards

Supervision of accounts and reports

14   

Supervision of periodic accounts and reports of issuers of listed securities

15   

Application of provisions inserted by sections 11 and 12 to bodies appointed

under section 14

Bodies concerned with accounting standards etc.

16   

Grants to bodies concerned with accounting standards etc.

17   

Levy to pay expenses of bodies concerned with accounting standards etc.

18   

Exemption from liability

Chapter 3

Investigations

19   

Power to require documents and information

20   

Protection in relation to certain disclosures

21   

Power to enter and remain on premises

22   

Failure to comply with certain requirements

Chapter 4

Supplementary

23   

Minor and consequential amendments

Part 2

Community interest companies

Introductory

24   

Community interest companies

25   

Regulator

26   

Appeal Officer

27   

Official Property Holder

Requirements

28   

Cap on distributions and interest

29   

Distribution of assets on winding up

30   

Memorandum and articles

 
 

Companies (Audit, Investigations and Community
Enterprise) Bill [HL]

v

 

31   

Names

32   

Community interest company reports

33   

Community interest test and excluded companies

Becoming a community interest company

34   

New companies

35   

Existing companies: requirements

36   

Existing companies: decisions etc.

37   

Existing companies: charities

38   

Existing companies: Scottish charities

Supervision by Regulator

39   

Conditions for exercise of supervisory powers

40   

Investigation

41   

Audit

42   

Civil proceedings

43   

Appointment of director

44   

Removal of director

45   

Appointment of manager

46   

Property

47   

Transfer of shares etc.

48   

Petition for winding up

49   

Dissolution and striking off

Change of status

50   

Re-registration

51   

Ceasing to be a community interest company

52   

Becoming a charity or a Scottish charity: requirements

53   

Becoming a charity or a Scottish charity: decisions etc.

54   

Becoming an industrial and provident society

Supplementary

55   

Fees

56   

Extension of provisions about registrar etc.

57   

Information

58   

Offences

59   

Orders made by Regulator

60   

Regulations

61   

Interpretation

Part 3

Supplementary

62   

Repeals and revocations

63   

Commencement etc.

64   

Extent

65   

Short title

 
 

Companies (Audit, Investigations and Community
Enterprise) Bill [HL]

vi

 

Schedule 1   —   

New Schedule 7B to the Companies Act 1985

Schedule 2   —   

Minor and consequential amendments relating to Part 1

Part 1   —   

Amendments relating to auditors

Part 2   —   

Amendments relating to accounts and reports

Part 3   —   

Amendments relating to investigations

Schedule 3   —   

Regulator of Community Interest Companies

Schedule 4   —   

Appeal Officer for Community Interest Companies

Schedule 5   —   

Official Property Holder for Community Interest Companies

Schedule 6   —   

Community interest companies: names

Schedule 7   —   

Community interest companies: investigations

Schedule 8   —   

Repeals and revocations

 
 

 
contents continue
 
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Revised 16 July 2004