§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if he will make a statement on the period within which the recognised supervisory bodies will be able to make at least one monitoring visit to the auditing firms.
§ Mr. RedwoodThe three Institutes of Chartered Accountants intend to conduct a routine monitoring visit each year to a fifth of their members who audit listed companies, together with a random sample of, initially, 150 other firms. The Chartered Association of Certified Accountants intends to conduct a routine monitoring visit at least once every five years to all individuals and firms registered with it, together with those registered with the Association of Authorised Public Accountants, under the terms of arrangements between those bodies. All the recognised supervisory bodies have also made provision for special monitoring visits in response to complaints. The bodies will, jointly with my Department, review the operation of the monitoring arrangements in 1993.
§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if he will provide a complete list of the bodies which he has recognised as supervisory bodies or qualifying bodies under the Companies Act 1989.
§ Mr. RedwoodMy right hon. Friend has approved, for the purposes of section 31(4) of the Companies Act 1989, qualifications offered by
- The Institute of Chartered Accountants in England and Wales;
- The Institute of Chartered Accountants of Scotland;
- The Institute of Chartered Accountants in Ireland; and The Chartered Association of Certified Accountants.
His present intention is that qualifications offered by those bodies should also be recognised under schedule 12 to that Act. He has recognised those bodies, together with the Association of Authorised Public Accountants, as supervisory bodies for the purposes of part II of that Act.