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Companies (Audit, Investigations and Community Enterprise) Act 2004

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Companies (Audit, Investigations and Community Enterprise) Act 2004[1]
Parliament of the United Kingdom
Long titleAn Act to amend the law relating to company auditors and accounts, to the provision that may be made in respect of certain liabilities incurred by a company’s officers, and to company investigations; to make provision for community interest companies; and for connected purposes.
Citation2004 c 27
Territorial extent England and Wales and Scotland, except that sections 14 and 15(1)(b) and (3) and (7) and 17 and 65 to 67 also extend to Northern Ireland and any amendment made by this Act has the same extent as the provision to which it relates.[2]
Dates
Royal assent28 October 2004
Text of statute as originally enacted
Revised text of statute as amended

The Companies (Audit, Investigations and Community Enterprise) Act 2004 (c 27), sometimes called CAICE, is an Act of the Parliament of the United Kingdom that regulates certain practices in financial record keeping and reporting for companies.

In 2005 and 2013, Mäntysaari and McLaughlin said this Act is important.[3][4] It is comparable to the US Sarbanes–Oxley Act.[5]

The following consultation documents and reports are precursors of this Act:[6]

  • The "Final Report of the Co-ordinating Group on Audit and Accounting Issues" to the Secretary of State for Trade and Industry and the Chancellor of the Exchequer, published in January 2003
  • "Review of the Regulatory Regime of the Accountancy Profession: Legislative Proposals", published in March 2003, and the "Report on the public consultation and the Government's conclusions", published in February 2004
  • The consultation document "Company Investigations: Powers for the 21st Century" published in October 2001
  • The consultation document "Enterprise for Communities: proposals for a Community Interest Company", published in March 2003, and the "Report on the public consultation and the Government's intentions", published in October 2003
  • The consultation document "Director and Auditor Liability" published in December 2003

Part 1 – Auditors, Accounts, Directors' Liabilities and Investigations

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Chapter 4 – Investigations

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In 2005, Griffiths thought that powers to require documents, under section 21 of this Act, and to enter and remain on premises, under section 23 thereof, were reminiscent of the novel Nineteen Eighty-Four.[7]

Part 2 – Community interest companies

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This Part introduces community interest companies, and the officer known as the Regulator of Community Interest Companies.

Part 3 – Supplementary

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Section 65 – Commencement etc.

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The Companies (Audit, Investigations and Community Enterprise) Act 2004 (Commencement) and Companies Act 1989 (Commencement No 18) Order 2004 (S.I. 2004/3322 (C. 154)) was made under this section.[8]

Community Interest Company Regulations 2005

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The Community Interest Company Regulations 2005 (SI 2005/1788) were made under powers conferred by this Act.[9]

See also

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References

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  • Halsbury's Statutes
  • Andrew Haynes. "Companies (Audit, Investigations and Community Enterprise) Act 2004". Current Law Statutes 2004. Volume 2. Chapter 27. Page 27-1 et seq.
  • Keith Walmsley (ed). "Companies (Audit, Investigations and Community Enterprise) Act 2004". Butterworths Company Law Handbook. 31st Edition. LexisNexis. 2017. Pages 1393 to 1423. See also passim. See also the 19th to 30th editions of this book.
  • Paul Gee. "Companies (Audit, Investigations and Community Enterprise) Act 2004". UK GAAP for Business and Practice. Chapter 2.7 at pages 20 and 21. See also pages 2, 7 and 475.
  • Peter Loose, Michael Griffiths and David Impey. The Company Director. Twelfth Edition. Jordan Publishing. 2015. Pages v, 15 to 17, 21, 124, 196 to 202, 204, 205, 207 to 210, 215, 216, 359, 362, 363, 365, 368 to 371, 496 to 499 and 503 to 507.
  • Mike Griffiths, "The DTI is watching you" in "Company Law" (2005) 155 The New Law Journal 198 and 199 (11 February 2005). See also pages 528, 529, 564, 649, 662 and CAS (86) 28. Google: [1] [2]
  • Mike Griffiths, "DTI: power to enter and remain" in "Company" (2005) 155 New Law Journal 738
  • Richard C Bishop. "[The] Companies (Audit, Investigations and Community Enterprise) Act 2004". Law and Regulation of Community Interest Companies. Bloomsbury Professional. 2022. Paragraph 2.3 at pages 26 and 27. Paragraphs 3.2 to 3.6 at pages 31 to 34. See also the paragraphs listed at pages x and xi.
  1. ^ The citation of this Act by this short title is authorised by section 67 of this Act.
  2. ^ The Companies (Audit, Investigations and Community Enterprise) Act 2004, section 66
  3. ^ Petri Mäntysaari. Comparative Corporate Governance. Springer. 2005. p 82. See also pp 81, 84, 142, 151, 153, 154, 163, 184, 188, 196, 197 and 218.
  4. ^ Susan McLaughlin. Unlocking Company Law. 2nd Ed. Routledge. 2013. p 10. See also pp 50 and 58.
  5. ^ Graham Mott. Accounting for Non-Accountants. 8th Edition. Kogan Page. 2012. p 8.
  6. ^ Explanatory notes, paragraph 5
  7. ^ Griffiths, "The DTI is watching you" (2005) 155 NLJ 198
  8. ^ Current Law Statutes 2004. Volume 3. Chapter 2004 C 154. Page C154-1 et seq.
  9. ^ "Community Interest Company Company Regulations 2005". Butterworths Company Law Handbook. 31st Ed. pp 1488 to 1507.
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