Companies (Audit, Investigations and Community Enterprise) Act 2004

The following consultation documents and reports are precursors of this act: • 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. == Provisions ==

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. Part 2 – Community interest companies This Part introduces community interest companies, and the officer known as the Regulator of Community Interest Companies. Community interest companies are designed to serve the public interest without the strict governance requirements of charities. 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. == Reception ==

In 2005 and 2013, Mäntysaari and McLaughlin said this Act is important. It is comparable to the US Sarbanes–Oxley Act. The Conservative spokesperson, Andrew Mitchell, described the government for not embarking on a wholesale reform of company law. ==Community Interest Company Regulations 2005==

The Community Interest Company Regulations 2005 (SI 2005/1788) were made under powers conferred by this Act. ==See also==