The Auditing Practices Board (APB) today issued Bulletin 2008/9 'Miscellaneous Reports by Auditors Required by the United Kingdom Companies Act 2006'.

The purpose of the Bulletin is to provide guidance with respect to those reports and statements required to be made by a statutory auditor (or a person who is eligible to be appointed as statutory auditor) under the Companies Act 2006 that are not dealt with in other Bulletins published by the APB.

The Bulletin addresses the following reports:

• Statement by an auditor on ceasing to hold office.
• Statement on a company’s ability to make a distribution where the auditor’s report was qualified.
• Auditor’s statement with respect to net assets when a private company re-registers as a public company.
• Report when a private company redeems or purchases its own shares out of capital.
• Report when a public company allots shares otherwise than for cash.
• Report when non-cash assets transferred to a public company by certain of its members.

Richard Fleck, Chairman of APB commented:

“The law in relation to a number of these miscellaneous reports is relatively complex. The APB hopes that by updating its guidance, with respect to these reports, that it will help auditors meet the challenge of understanding the implications for their work of the requirements of the Companies Act 2006.”

The Bulletin can be downloaded, free of charge, from the Bulletins section of the APB’s website (www.frc.org.uk/apb) Printed copies are available (price £8) from:

FRC Publications, 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Telephone: 020 8247 1264. Fax: 020 8247 1124. Email: customer.services@cch.co.uk. Website: www.frcpublications.com

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to:
   • establish high standards of auditing;
   • meet the developing needs of users of financial information; and
   • ensure public confidence in the auditing process.
3. The guidance in the Bulletin takes account of the law as at 6 April 2008. However, the provisions relating to certain of the guidance and examples do not come into effect until 1 October 2009. The Bulletin clearly indicates the effective date applicable for each example report.
4. Until the provisions of CA 2006 apply, the equivalent illustrative reports in Bulletin 2007/1 remain in effect. The equivalent reports in Bulletin 2007/1 are listed in the Appendix to the Bulletin.
5. Other Bulletins published by the APB that address reports and statements requires to be made by an auditor under CA 2006 are:
   1. The auditor’s statement on the summary financial statement in the United Kingdom (Bulletin 2008/3);
   2. The special auditor’s report on abbreviated accounts in the United Kingdom (Bulletin 2008/4);
   3. Auditor’s reports on revised accounts and reports in the United Kingdom (Bulletin 2008/5); and
   4. Auditor’s reports for short accounting periods in compliance with the United Kingdom Companies Act 2006 (Bulletin 2008/8).
6. Practice Note 8 'Reports by auditors under company legislation in the United Kingdom' is withdrawn with immediate effect.
7. All press enquiries should be directed to Jon Grant on Tel: 020 7492 2410