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Companies Act 2006

Schedule 12: Arrangements in which registered third country auditors are required to participate

1584.The requirements in this Schedule are new. They describe the independent monitoring and investigation arrangements which third country auditors must participate in.

Sections 1243 and 1244: Information

1585.These sections replicate for registered third country auditors the requirements in section 1223 and 1224 for the notification of information to the Secretary of State. Third country auditors may be required to provide any information that might reasonably be required for the Secretary of State to carry out his functions.

Sections 1245 and 1246: Enforcement

1586.The provisions in section 1245 enable the Secretary of State to apply to the court for an order to make a registered third country auditor comply with its obligations under the Part. The provisions in section 1246 empower the Secretary of State to make provision as to the removal of the third country auditors from the register of auditors in certain circumstances. In doing so, regard must be had to whether the third country auditor has complied with his obligations under this Part.

Section 1247: Grants to bodies concerned with arrangements under Schedule 12

1587.This section amends section 16(2) of the C(AICE) Act 2004. The effect of the amendment is that the body that carries out the monitoring and investigation functions in relation to third country auditors is eligible for grants from the Secretary of State under section 16 of that Act. It also means that the body may be exempt from liability in damages under section 18 of the Act.

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