Companies (Audit, Investigations and Community Enterprise) Act 2004

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Companies (Audit, Investigations and Community Enterprise) Act 2004 [1]
Royal Coat of Arms of the United Kingdom (variant 1, 1952-2022).svg
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Text of statute as originally enacted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.

Contents

In 2005 and 2013, Mäntysaari and McLaughlin said this Act is important. [3] [4] It includes provisions comparable to the Sarbanes–Oxley Act. [5]

The following consultation documents and reports are precursors of this Act: [6]

Part 1 – Auditors, Accounts, Directors' Liabilities and Investigations

Chapter 4 – Investigations

In 2005, Griffiths thought that powers to require documents, under section 21 of this Act, and to enter and remain on premises, under section 23 thereof, were reminiscent of the novel Nineteen Eighty-Four. [7]

Part 2 – Community interest companies

This Part introduces community interest companies, and the officer known as the Regulator of Community Interest Companies.

Part 3 – Supplementary

Section 65 – Commencement etc.

The Companies (Audit, Investigations and Community Enterprise) Act 2004 (Commencement) and Companies Act 1989 (Commencement No 18) Order 2004 (S.I. 2004/3322 (C. 154)) was made under this section. [8]

Community Interest Company Regulations 2005

The Community Interest Company Regulations 2005 (SI 2005/1788) were made under powers conferred by this Act. [9]

See also

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References

  1. The citation of this Act by this short title is authorised by section 67 of this Act.
  2. The Companies (Audit, Investigations and Community Enterprise) Act 2004, section 66
  3. Petri Mäntysaari. Comparative Corporate Governance. Springer. 2005. p 82. See also pp 81, 84, 142, 151, 153, 154, 163, 184, 188, 196, 197 and 218.
  4. Susan McLaughlin. Unlocking Company Law. 2nd Ed. Routledge. 2013. p 10. See also pp 50 and 58.
  5. Graham Mott. Accounting for Non-Accountants. 8th Edition. Kogan Page. 2012. p 8.
  6. Explanatory notes, paragraph 5
  7. Griffiths, "The DTI is watching you" (2005) 155 NLJ 198
  8. Current Law Statutes 2004. Volume 3. Chapter 2004 C 154. Page C154-1 et seq.
  9. "Community Interest Company Company Regulations 2005". Butterworths Company Law Handbook. 31st Ed. pp 1488 to 1507.