Companies (Audit, Investigations and Community Enterprise) Bill (HL)

The Companies (Audit, Investigations and Community Enterprise) Bill (HL) was introduced in the House of Lords on 3rd December 2003.

Part 1 of the Bill deals with the reform of the system of supervising auditors, the enforcement of accounting and reporting requirements, the rights of auditors to information and the company investigations regime.

Part 2 establishes a new corporate vehicle called the "Community Interest Company", enabling the setting-up of a business whose profits and assets are to be used for the benefit of the community.

A new independent regulator - called the Regulator of Community Interest Companies - will be responsible for approving the registration of CICs and other regulatory activities.