Companies (Audit, Investigations and Community Enterprise) Act 2004 ^[1]

Parliament of the United Kingdom
Long title	An Act to amend the law relating to company auditors and accounts, to the provision that may be made in respect of certain liabilities incurred by a company’s officers, and to company investigations; to make provision for community interest companies; and for connected purposes.
Citation	2004 c 27
Territorial extent	England and Wales and Scotland, except that sections 14 and 15(1)(b) and (3) and (7) and 17 and 65 to 67 also extend to Northern Ireland and any amendment made by this Act has the same extent as the provision to which it relates. [2]
Dates
Royal assent	28 October 2004
Text of statute as originally enacted
Revised text of statute as amended

The Companies (Audit, Investigations and Community Enterprise) Act 2004 (c 27), sometimes called CAICE, is an Act of the Parliament of the United Kingdom that regulates certain practices in financial record keeping and reporting for companies.

Contents

• Background
• Provisions
• Part 1 – Auditors, Accounts, Directors' Liabilities and Investigations
• Part 2 – Community interest companies
• Part 3 – Supplementary
• Reception
• Community Interest Company Regulations 2005
• See also
• References
• External links

Background

The following consultation documents and reports are precursors of this act: ^[3]

• The "Final Report of the Co-ordinating Group on Audit and Accounting Issues" to the Secretary of State for Trade and Industry and the Chancellor of the Exchequer, published in January 2003
• "Review of the Regulatory Regime of the Accountancy Profession: Legislative Proposals", published in March 2003, and the "Report on the public consultation and the Government's conclusions", published in February 2004
• The consultation document "Company Investigations: Powers for the 21st Century" published in October 2001
• The consultation document "Enterprise for Communities: proposals for a Community Interest Company", published in March 2003, and the "Report on the public consultation and the Government's intentions", published in October 2003
• The consultation document "Director and Auditor Liability" published in December 2003

The purpose of the legislation was to ensure that the United Kingdom avoided scandals similar to the Enron scandal or the Worldcom scandal. ^[4]

Provisions

Reception

In 2005 and 2013, Mäntysaari and McLaughlin said this Act is important. ^{[8] [9]} It is comparable to the US Sarbanes–Oxley Act. ^[10] The Conservative spokesperson, Andrew Mitchell, described the government for not embarking on a wholesale reform of company law. ^[11]

Community Interest Company Regulations 2005

The Community Interest Company Regulations 2005 (SI 2005/1788) were made under powers conferred by this Act. ^[12]

See also

• Companies Act

References

• Halsbury's Statutes
• Andrew Haynes. "Companies (Audit, Investigations and Community Enterprise) Act 2004". Current Law Statutes 2004. Volume 2. Chapter 27. Page 27-1 et seq.
• Keith Walmsley (ed). "Companies (Audit, Investigations and Community Enterprise) Act 2004". Butterworths Company Law Handbook. 31st Edition. LexisNexis. 2017. Pages 1393 to 1423. See also passim. See also the 19th to 30th editions of this book.
• Paul Gee. "Companies (Audit, Investigations and Community Enterprise) Act 2004". UK GAAP for Business and Practice. Chapter 2.7 at pages 20 and 21. See also pages 2, 7 and 475.
• Peter Loose, Michael Griffiths and David Impey. The Company Director. Twelfth Edition. Jordan Publishing. 2015. Pages v, 15 to 17, 21, 124, 196 to 202, 204, 205, 207 to 210, 215, 216, 359, 362, 363, 365, 368 to 371, 496 to 499 and 503 to 507.
• Mike Griffiths, "The DTI is watching you" in "Company Law" (2005) 155 The New Law Journal 198 and 199 (11 February 2005). See also pages 528, 529, 564, 649, 662 and CAS (86) 28. Google:
• Mike Griffiths, "DTI: power to enter and remain" in "Company" (2005) 155 New Law Journal 738
• Richard C Bishop. "[The] Companies (Audit, Investigations and Community Enterprise) Act 2004". Law and Regulation of Community Interest Companies. Bloomsbury Professional. 2022. Paragraph 2.3 at pages 26 and 27. Paragraphs 3.2 to 3.6 at pages 31 to 34. See also the paragraphs listed at pages x and xi.

External links

• The Companies (Audit, Investigations and Community Enterprise) Act 2004, as amended from the National Archives.
• The Companies (Audit, Investigations and Community Enterprise) Act 2004, as originally enacted from the National Archives.
• Explanatory notes to the Companies (Audit, Investigations and Community Enterprise) Act 2004.