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Statutory Auditors (Delegation of Functions etc.) Order 2008

My Lords, again I will not delay your Lordships long. The order, which brings into effect a regime of regulation for the conduct of statutory audits and their auditors, has been debated widely and has been the subject of much consultation. It is very welcome that this replaces the old regime of self-regulation, which had many faults. The initial indications are that this regime will work well—it has certainly worked better than what we had before. I am grateful that the Minister mentioned the Freedom of Information Act, because it was as a result of an amendment to the Companies Bill in 2006, tabled by the noble Baroness, Lady Noakes, and me, that this regime is now subject to the Freedom of Information Act. I look forward to seeing how that will apply. We support the order.