Topic Gateway Series UK Company Law Other legislation:Regulatory matters The Companies(Audit,Investigations and Community Enterprise)Act 2004 at made the system of supervising auditors more independent,strengthened the enforcement of accounting and reporting requirements(reflecting the new role of the Financial Reporting Council)and introduced a new category of company,the community interest company.CA 06 repealed some of CAICE, please see Schedule 16 of CA 06.Available from: www.opsi.gov.uk/acts/acts2004/ukpga_20040027_en_1 [Accessed 25 April 2008] Other legislation:Directors'responsibilities The Company Directors Disqualification Act 1986 covers the various grounds on which a person can be disqualified from holding office as a director,and has not been amended by CA 06.Guidance about the Act is available from the Insolvency Service website.Available from: www.insolvency.gov.uk/guidanceleaflets/Guides.htm#5 [Accessed 25 April 2008] Other legislation:Insolvency The main Acts(covering company liquidation,bankruptcy,receivership and administration)are the Insolvency Act 1986,as amended by Insolvency Acts 1994 (two Acts)and 2000.It has been amended only slightly by CA 06. Other legislation:audit exemption limits The Companies Act 2006(Amendment)(Accounts and Reports)Regulations 2008(SI 2008/393)has introduced new thresholds for audit exemption which apply for financial years beginning on or after 6 April 2008.These regulations can be found at: www.opsi.gov.uk/si/si200803 [Accessed 25 April 2008] Briefly,the new limits to be considered a small company are f6.5m turnover and balance sheet totals of less than f3.26m.Please read the full guidance for the medium sized company limits and the arrangements for companies hovering about the thresholds. Available from: www.berr.gov.uk/bbf/financial-reporting/small-companies/page45467.html [Accessed 25 April 2008] 6Topic Gateway Series UK Company Law 6 Other legislation: Regulatory matters • The Companies (Audit, Investigations and Community Enterprise) Act 2004 at made the system of supervising auditors more independent, strengthened the enforcement of accounting and reporting requirements (reflecting the new role of the Financial Reporting Council) and introduced a new category of company, the community interest company. CA 06 repealed some of CAICE, please see Schedule 16 of CA 06. Available from: www.opsi.gov.uk/acts/acts2004/ukpga_20040027_en_1 [Accessed 25 April 2008] Other legislation: Directors’ responsibilities • The Company Directors Disqualification Act 1986 covers the various grounds on which a person can be disqualified from holding office as a director, and has not been amended by CA 06. Guidance about the Act is available from the Insolvency Service website. Available from: www.insolvency.gov.uk/guidanceleaflets/Guides.htm#5 [Accessed 25 April 2008] Other legislation: Insolvency The main Acts (covering company liquidation, bankruptcy, receivership and administration) are the Insolvency Act 1986, as amended by Insolvency Acts 1994 (two Acts) and 2000. It has been amended only slightly by CA 06. Other legislation: audit exemption limits The Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (SI 2008/393) has introduced new thresholds for audit exemption which apply for financial years beginning on or after 6 April 2008. These regulations can be found at: www.opsi.gov.uk/si/si200803 [Accessed 25 April 2008] Briefly, the new limits to be considered a small company are £6.5m turnover and balance sheet totals of less than £3.26m. Please read the full guidance for the medium sized company limits and the arrangements for companies hovering about the thresholds. Available from: www.berr.gov.uk/bbf/financial-reporting/small-companies/page45467.html [Accessed 25 April 2008]