---

Companies Bill [Lords]

With this it will be convenient to discuss the following: Amendment (a) to the proposed new clause, at end of subsection (2), insert ‘and potential customers to decide whether to purchase the company’s goods or services.’. New clause 2— Reporting standards— ‘(1) A business review must— (a) state whether it has been prepared in accordance with relevant reporting standards, and (b) contain particulars of, and reasons for, any departure from such standards. (2) In this section, ““reporting standards”” means statements of standard reporting practice which the Secretary of State shall ensure are issued and which— (a) relate to business reviews, and (b) shall be issued by a body or bodies specified in an order made by the Secretary of State. (3) References in this section to relevant reporting standards, in relation to a company’s business review, are to such standards as are, in accordance with their terms, applicable to the company’s circumstances and to the review. (4) Where or the extent that the directors of a company have complied with a reporting standard, they are presumed (unless the contrary is proved) to have complied with the corresponding requirements of this Part relating to the contents of a business review.’. New clause 75— Requirement for audit of business review— ‘The auditors must state in their report— (a) whether in their opinion the information given in the business review for the financial year for which the annual accounts are prepared is consistent with those accounts; and (b) whether any matters have come to their attention, in the performance of their functions as auditors of the company, which in their opinion are inconsistent with the information given in the business review.’. Amendment No. 1, page 196, line 30, leave out Clause 423. Amendment No. 760, in clause 423, page 197, line 2, leave out ‘In the case of a quoted company’. Government amendments Nos. 821 and 822.