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Companies Bill [Lords]

With this it will be convenient to discuss the following: Amendment No. 440, in page 251, line 32, leave out ‘knowingly or recklessly’ and insert ‘dishonestly or fraudulently’. Government amendments Nos. 447 and 448. Amendment No. 684, in clause 503, in page 243, line 22, at end insert— ‘(4A) Wit the exception of the audit fee, an auditor or auditors of a public company must not be a party to any transaction in the financial statements.’. Amendment No. 686, in clause 505, in page 244,line 7, at end insert ‘, and (c) they serve a maximum of five consecutive years’. No. 759, in clause 509, in page 246, line 17, at end insert— ‘(2A) The auditor’s report must be accompanied by a statement stating the regulatory action, if any, taken against the firm or any member of the audit team during the preceding five years, together with the outcomes.’. Government amendments Nos. 213, 225, 449and 519.