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The Statutory Auditors (Delegation of Functions etc) Order 2008
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Draft Legislation:
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Statutory Auditors (Delegation of Functions etc) Order 2008 No. 496
EXPLANATORY NOTE
(This note is not part of the Order)
This Order transfers most of the functions of the Secretary of State under Part 42 of the Companies Act 2006 (statutory auditors) to the Professional Oversight Board. It implements in part Article 32 (public oversight) of Directive 2006/43 EC on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC(1). By virtue of section 1252(3) of the Companies Act 2006, the Order also has the effect of designating the Professional Oversight Board for the purposes of the Freedom of Information Act 2000(2).
The designation is of two successive bodies known as the Professional Oversight Board, because on 6th April 2008 the body of that name established by The Professional Oversight Board Limited is replaced by the body of that name established by The Financial Reporting Council Limited.
Article 3 of the Order transfers certain functions conferring powers to make regulations on 1st March 2008.
Article 4 of the Order transfers all functions under Part 42 of the Companies Act 2006 on 6th April 2008, subject to the exceptions and reservations it describes.
Article 5 confers on the Professional Oversight Board the functions relating to notices of auditor resignations under sections 522 to 525 of the 2006 Act, also on 6th April 2008.
Articles 6, 7, 8 and 9 impose requirements on the Professional Oversight Board of consultation, publishing an annual work programme, record keeping and notification of certain matters to the Secretary of State. Articles 6 and 8 come into force on 1st March 2008, articles 7 and 9 on 6th April 2008.
Articles 4 and 9 come into force only on 29th June 2008 in respect of third country auditors.
Article 10 modifies section 1256 of the Companies Act 2006, so that references to the Secretary of State in respect of the time limits for certain prosecutions are treated as references to the Professional Oversight Board.
Article 11 appoints the Auditing Practices Board on 6th April 2008 to issue guidance on the meaning of senior statutory auditor for the purposes of sections 504(1)(b)(ii) of the Companies Act 2006.
Article 12 revokes the Companies Act 1989 (Delegation) Order 2005, which is replaced by this Order. That Order transferred to the Professional Oversight Board for Accountancy the functions of the Secretary of State under Part 2 of the Companies Act 1989. Part 2 of the 1989 Act is repealed and replaced by the Companies Act 2006.
An Impact Assessment has not been produced for this Order as it has only a negligible impact on the costs of business, charities or voluntary bodies.
(1)
OJ L 157, 9.6.2006, p.87.
(2)
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