SUMMARY OF THE COMMENTS ON THE AUDIT DIRECTIVE REGULATIONS AND THE GOVERNMENT’S CONCLUSIONS

EUROPEAN COMPANY LAW AND CORPORATE GOVERNANCE Implementation of Directive 2006/43/EC on Statutory Audits of Annual and Consolidated Accounts th(8 Company Law Directive) SUMMARY OF COMMENTS ON THE DRAFT REGULATIONS AND THE GOVERNMENT’S CONCLUSIONS – DECEMBER 2007 IMPLEMENTATION OF THE DIRECTIVE ON STATUTORY AUDIT OF ANNUAL AND CONSOLIDATED ACCOUNTS SUMMARY OF THE COMMENTS ON THE DRAFT REGULATIONS AND THE GOVERNMENT’S CONCLUSIONS December 2007 Introduction The purpose of this note is to summarise the comments received in response to the BERR consultation on the draft Statutory Auditors and Third Country Auditors Regulations 2007, implementing Directive 2006/43/EC on Statutory Audits of Annual and Consolidated Accounts, and to set out the Government’s conclusions. The Government has made Regulations for commencement on 6 April 2008, in relation to reporting periods beginning on or after that date. The Regulations are available on the OPSI website at http://www.opsi.gov.uk/si/si-2007-index.htm. 2. The Government published in March 2007 a consultation document on the policy options for implementing the Audit Directive. In the light of the responses to that document, the Government published in July 2007 a draft set of regulations to implement the Directive, alongside a summary of the responses to the March consultation and the Government’s policy conclusions. The deadline for comments on the draft regulations was 15 ...