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Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 4:In page 29, line 1, to delete “the terms of the agreement” and substitute “without prejudice to the generality of the terms of the agreement, such terms”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 5:In page 29, line 24, to delete “website.”.” and substitute “website.”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 6:In page 29, between lines 24 and 25, to insert the following:“(7) Section 941 shall be disregarded for the purposes of a section 933A agreement.”.”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 7:In page 36, lines 17 and 18, to delete “there has been no investigation under section 934 into the contravention;” and substitute “no investigation under section 934 into the contravention has been commenced;”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 8:In page 36, line 22, to delete “the terms of the agreement” and substitute “without prejudice to the generality of the terms of the agreement, such terms”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 9:In page 36, line 35, to delete “The provisions” and substitute “Subject to subsection (6), the provisions”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 10:In page 37, between lines 6 and 7, to insert the following:“(6) The necessary modifications referred to in subsection (3), in so far as section 934F is concerned, include reading that section as if—(a) the following subsection were substituted for subsection (1) of that section:‘(1) Subject to subsection (3), the Supervisory Authority shall, in so...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 11:In page 39, line 31, to delete “after section 936:” and substitute “before section 937:”. This amendment is technical. It is a drafting matter.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 12:In page 40, line 32, to delete “and anonymous”. I am proposing this amendment to section 37 for clarity and to align the wording of this section with the EU audit directive. Section 37 provides that the IAASA must, as required by Article 30f of the EU audit directive, provide aggregated information annually on all sanctions and measures imposed under...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 13:In page 41, line 13, to delete “Chapter 3.”.” and substitute “Chapter 3.”. This amendment, together with amendment No. 14, is tabled to clarify matters to do with the IAASA’s obligation to communicate certain information to the Committee of European Auditing Oversight Bodies, CEAOB. Amendment No. 13 is purely technical to...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 14:In page 41, between lines 13 and 14, to insert the following:“(3) A recognised accountancy body shall immediately communicate to the Supervisory Authority particulars of any temporary prohibition referred to in point (c) or (e) of Article 30a(1) of the Audit Directive imposed by the body on a relevant person. (4) The Supervisory Authority shall immediately...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 15:In page 41, to delete lines 27 to 31 and substitute the following:“(c) by the substitution of the following subsections for subsections (4) and (5):“(4) Subject to subsection (5), the Supervisory Authority may make regulations respecting the procedures to be followed in conducting enquiries under section 933 and investigations under section 934 or 935....

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 16:In page 45, line 15, to delete “The Director” and substitute “Subject to subsection (7), the Director”. This is a technical amendment to insert into section 45 a cross-reference to the new subsection (7) which is inserted by amendment No. 17. Section 45 gives the Director of Corporate Enforcement the power to impose sanctions on a director...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 17:In page 45, between lines 18 and 19, to insert the following:“(7) The Director shall immediately communicate to the Supervisory Authority particulars of any direction given by the Director under section 957C(2)(b).”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 18:In page 46, lines 27 and 28, to delete “there has been no investigation under Part 13 into the relevant conduct;” and substitute “no investigation under Part 13 into the relevant conduct has been commenced;”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 19:In page 46, line 32, to delete “the terms of the agreement” and substitute “without prejudice to the generality of the terms of the agreement, such terms”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 20:In page 47, line 1, to delete “The provisions” and substitute “Subject to subsection (6), the provisions”.

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 21:In page 47, between lines 14 and 15, to insert the following:“(6) The necessary modifications referred to in subsection (3), in so far as section 957F is concerned, include reading that section as if—(a) the following subsection were substituted for subsection (1) of that section:‘(1) Subject to subsection (3), the Director shall, in so far as a...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 22:In page 51, between lines 32 and 33, to insert the following:“ ‘penalty’ includes a sanction and a measure;”. This is a technical amendment to align the language of the Bill with that of EU law. Both the EU audit directive and regulation refer to "sanctions and measures". However, some of the provisions of this Bill refer to...

Select Committee on Jobs, Enterprise and Innovation: Companies (Statutory Audits) Bill 2017: Committee Stage (21 Feb 2018)

Heather Humphreys: I move amendment No. 23:In page 75, line 31, after “1465” to insert the following:“and a temporary prohibition referred to in point (c) of Article 30a(1) of the Audit Directive and a temporary prohibition (in so far as it relates to a member of an audit firm) referred to in point (e) of that Article”.

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