The UK government is
consulting on 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.
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 UK 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
The deadline for commenting is 20 January 2010.