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ARTICLE · 23 MAY 2016

Statutory Audit: Updated BIS Consultation On Implementation Of EU Audit Reform

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On 17 November 2015, BIS published updated proposals to amend the Companies Act 2006.

European UnionAccounting and Audit
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On 17 November 2015, BIS published updated proposals to amend the Companies Act 2006. These proposals, alongside the draft Statutory Auditors and Third Country Auditors Regulations 2016 consulted in October 2015, form part of the government's proposals to incorporate the EU Directive amending the Statutory Audit Directive into national law and on legislative provisions needed as part of the application of the EU Regulation on the statutory audit of public interest entities (generally listed and certain credit and insurance entities).

The updated draft proposals include provisions which enable either (a) the Financial Reporting Council ("FRC") or (b) shareholders representing 5% or more of the voting rights or of the share capital of the company to bring a claim before a national court for the dismissal of the statutory auditor of a public interest entity where there are proper grounds for doing so. However, the consultation paper notes that the government has

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