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Explanatory Memorandum to Companies (Audit, Investigations and Community Enterprise) (Northern Ireland) Order 2005

Accounts and Reports

11.Articles 10 and 11 strengthen the rights of company auditors to information and require the directors’ report to contain a statement that the directors are not aware of any relevant information which has not been disclosed to the auditors.

12.Articles 12 and 13 give increased powers to the person authorised, currently the Financial Reporting Review Panel (FRRP), to apply to the court to order a company to revise its accounts and provide the FRRP with a statutory power to obtain information but place restrictions on the further disclosure of that information. The persons to whom the FRRP may disclose information and the purposes for which a disclosure may be made are contained in Schedule 1.

13.Articles 14 to 17 enable the Department, by regulations, to specify a body to issue standards relating to directors’ reports and allow the Department to contribute to the funding of any body carrying on activities relating to the setting and enforcing of accounting standards. A body which receives such funding will be exempt from liability in respect of these activities.

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