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Notices of Auditors Leaving Office – Consultation on Simplification for Companies and Auditors

Open date: 25 Nov 2009

Closing date: 20 Jan 2010

This Consultation invites comments on the options for simplifying the arrangements for the provision of information to shareholders, creditors, the audit and accounting authorities and Companies House when auditors leave office.


Purpose of consultation

This Consultation invites comments on the options for simplifying the arrangements for the provision of information to shareholders, creditors, the audit and accounting authorities and Companies House when auditors leave office.

Background to consultation

The present arrangements are a combination of measures put in place under the successive Companies Acts to provide information to shareholders and Companies House, and measures introduced in 2006 to meet the requirements of the EU Audit Directive for the provision of similar information to the audit regulatory bodies.

In the Government’s view, after 18 months of operation of the current system, the arrangements may be more complex than necessary and are potentially duplicatory. This document identifies areas for possible simplification and streamlining while still meeting the UK’s obligations under the Directive and the underlying policy goals.

Questions and comments

If you want to discuss policy issues raised in the consultation, please contact Paul Smith at the contact details above.

Email: pauld.smith@bis.gsi.gov.uk
Tel: 020 7215 4164

Update - December 2010 

The Government acknowledges the scope to simplify the arrangements for the provision of information to shareholders, creditors, the audit and accounting authorities and Companies House when auditors leave office, and welcomes the broad support from stakeholders for change in this area. However it is evident that primary legislation will be necessary to realise the full benefit of such changes for the parties concerned. The Government will therefore consider bringing forward details proposals when a suitable primary legislative vehicle is available.

Summary of Responses

Notice of auditors leaving office: summary of responses to consultation (PDF, 80 Kb) .

Download the consultation



 

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