Topic Gateway Series UK Company Law UK company law in practice Regulators and their remits The Companies Act delegates the following powers to other bodies(source:FRC website). Role Body Issue of accounting and reporting standards "any body or bodies as (s464) may be prescribed by regulations". Recognition,supervision and de-recognition Professional Oversight of those accountancy bodies responsible for Board For Accountancy supervising the work of auditors or offering (POBA). an audit qualification. Ensuring that the financial information Financial reporting and provided by public and large companies review panel(FRRP). complies with Companies Act requirements. Enforcing compliance with the directors' report requirements of the Companies Act. Monitoring compliance with the listing rules of issuers of listed securities. Legislative process In the UK,there are several stages to the legislative process: Green paper-a consultation document intended to encourage comment from stakeholders and politicians.Not all green papers make it to the next stage,and there is no requirement for a green paper stage.There may have been preceding discussion and consultation,but this is generally felt to be the first stage at which thoughts become focused and reasonably specific. White paper-a document outlining the proposed policy. 8Topic Gateway Series UK Company Law 8 UK company law in practice Regulators and their remits The Companies Act delegates the following powers to other bodies (source: FRC website). Role Body Issue of accounting and reporting standards (s464) ”any body or bodies as may be prescribed by regulations”. Recognition, supervision and de-recognition of those accountancy bodies responsible for supervising the work of auditors or offering an audit qualification. Professional Oversight Board For Accountancy (POBA). Ensuring that the financial information provided by public and large companies complies with Companies Act requirements. Enforcing compliance with the directors’ report requirements of the Companies Act. Monitoring compliance with the listing rules of issuers of listed securities. Financial reporting and review panel (FRRP). Legislative process In the UK, there are several stages to the legislative process: • Green paper – a consultation document intended to encourage comment from stakeholders and politicians. Not all green papers make it to the next stage, and there is no requirement for a green paper stage. There may have been preceding discussion and consultation, but this is generally felt to be the first stage at which thoughts become focused and reasonably specific. • White paper – a document outlining the proposed policy