§ Mr. CousinsTo ask the Secretary of State for Trade and Industry what date has been set for the commencement of the statutory audit regulation system provided for by the Companies Act 1989.
§ Mr. RedwoodNo date has been set. However, we hope that the relevant provisions of the Act will be commenced by 1 July 1991.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry whether he has approved(a) the staffing, (b) the salary structure and (c) the fees to support the joint monitoring unit set up to supervise the statutory audit regulation system provided for by the Companies Act 1989.
§ Mr. RedwoodThe Secretary of State has not yet determined the applications for recognition he has180W received from supervisory bodies for auditors under the Companies Act 1989. He will only approve the applications if he is satisfied that the applicants have among other things adequate arrangements and resources for the effective monitoring and enforcement of compliance with their rules.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry whether he will provide additional funding to enable the Accounting Standards Board to have full-time independent members.
§ Mr. RedwoodThe composition of the Accounting Standards Board is a matter for the Financial Reporting Council. Both the chairman and technical director of the board are full-time, and the seven other members are drawn from a wide variety of backgrounds, including users, preparers and auditors of accounts.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry whether he will hold a public hearing prior to making a decision on the award of supervisory status to any accountancy body under the powers created under the Companies Act 1989.
§ Mr. RedwoodNo. But we are very willing to consider any relevant representations we receive.