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7.—(1) Articles 3 and 4 of this Order apply in respect of periodic accounts and reports relating to financial years beginning on or after 6th April 2008.
(2) Subject to paragraphs (3) and (4), the Supervision of Accounts and Reports (Prescribed Body) Order 2007(1) is hereby revoked.
(3) The Supervision of Accounts and Reports (Prescribed Body) Order 2005(2), which continues in operation by virtue of article 2 of the Supervision of Accounts and Reports (Prescribed Body) Order 2007, shall continue to apply in respect of periodic accounts and reports—
(a)to which section 14(2)(a) of the Act as amended by the Companies Act 2006 applies; and
(b)which relate to financial years beginning before 20th January 2007,
and the FRRP shall exercise the functions for the exercise of which the prescribed body had been appointed by the Supervision of Accounts and Reports (Prescribed Body) Order 2005.
(4) The Supervision of Accounts and Reports (Prescribed Body) Order 2007 shall continue to apply in respect of periodic accounts and reports which relate to financial years beginning on or after 20th January 2007, and the FRRP shall exercise the functions for the exercise of which the prescribed body had been appointed by the Supervision of Accounts and Reports (Prescribed Body) Order 2007.
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