§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry whether under the proposed recognised supervisory body regime, investors will be able to take legal action against the Auditing Standards Board for(a) adopting and (b) issuing passive auditing guidelines.
§ Mr. RedwoodThe Auditing Practices Board will have no functions under the supervisory regime in part II of the Companies Act 1989, so the question of legal action against the board by virtue of the introduction of part II does not arise. Whether the board could be liable for damages under the general law would be for the courts to determine.