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515031

registered interest
date	22/04/2016
answering body	Department for Culture, Media and Sport
answering dept id	10
answering dept short name	Culture, Media and Sport
answering dept sort name	Culture, Media and Sport
hansard heading	European Parliament: Art Works
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answer by Baroness Neville-Rolfe on 21 April (HL7637), whether they will now state what contingency plans they have drawn up, if any, to repatriate the British Art Collection from the European Parliament in the event that the UK votes to leave the EU.
tabling member printed	Lord Jopling
uin	HL7851
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p><em>It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the Member.</em></p> answering member printed Baroness Neville-Rolfe question first answered 12/05/2016 12:16:36 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	883 label Biography information for Lord Jopling

515033

registered interest
date	22/04/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Audit: EU Law
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government why they have chosen not to implement provisions relating to joint audit and increased tendering as set out in EU Directive 2014/56/EU and Regulation 537/2014 on statutory auditing.
tabling member printed	Baroness McIntosh of Pickering
uin	HL7853
answer	answer is ministerial correction date of answer 09/05/2016 answer text <p>The Government does intend to implement provisions relating to increased tendering as part of the implementation of the EU Audit Regulation and Directive. This is in line with the recommendations of the Competition and Markets Authority (CMA).</p><p>The provision on joint audit in the EU Regulation would act as an exemption from having to retender with the frequency envisaged by the CMA. The government consulted on the implementation of the audit directive including this option, and concluded the option should not be taken up.</p><p>Joint audit is not a practice followed in the UK, though it is expressly permitted by the Companies and legislation on some other entities. The Department for Business, Innovation and Skills has consulted on whether to take up this derogation. In response to our discussion document in December 2014 on auditor regulation, only 4 of 25 respondents supported its implementation.</p><p>It is unclear that increased joint audit would encourage competition. The option in the EU Regulation could result in prolonged audit engagements (up to 24 years) and fewer changes in auditor. This would be contrary to the objective of the CMA and the Regulation, which is to increase retendering and rotation of auditors not less.</p><p>The CMA considered the impact of joint audits on competition and concluded that promoting joint audits would have little effect on barriers to entry, expansion and selection. The CMA’s conclusions were based on views provided by a range of stakeholders. The CMA was not able to quantify the potential cost of imposing joint audits, but did state that they believed that across the market the costs would be potentially significant. They state that a lot of weight was placed on the views of investors, who were almost universally opposed to joint audits on the grounds of additional costs and risks to audit quality.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7854 HL7855 question first answered 09/05/2016 12:43:28 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	384 label Biography information for Baroness McIntosh of Pickering

515034

registered interest
date	22/04/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Audit: EU Law
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, in the light of EU Directive 2014/56/EU and Regulation 537/2014 on statutory auditing, what assessment they have made of the impact of implementing the provisions relating to joint audit on the creation of a more competitive market and limiting market dominance by the largest professional services networks.
tabling member printed	Baroness McIntosh of Pickering
uin	HL7854
answer	answer is ministerial correction date of answer 09/05/2016 answer text <p>The Government does intend to implement provisions relating to increased tendering as part of the implementation of the EU Audit Regulation and Directive. This is in line with the recommendations of the Competition and Markets Authority (CMA).</p><p>The provision on joint audit in the EU Regulation would act as an exemption from having to retender with the frequency envisaged by the CMA. The government consulted on the implementation of the audit directive including this option, and concluded the option should not be taken up.</p><p>Joint audit is not a practice followed in the UK, though it is expressly permitted by the Companies and legislation on some other entities. The Department for Business, Innovation and Skills has consulted on whether to take up this derogation. In response to our discussion document in December 2014 on auditor regulation, only 4 of 25 respondents supported its implementation.</p><p>It is unclear that increased joint audit would encourage competition. The option in the EU Regulation could result in prolonged audit engagements (up to 24 years) and fewer changes in auditor. This would be contrary to the objective of the CMA and the Regulation, which is to increase retendering and rotation of auditors not less.</p><p>The CMA considered the impact of joint audits on competition and concluded that promoting joint audits would have little effect on barriers to entry, expansion and selection. The CMA’s conclusions were based on views provided by a range of stakeholders. The CMA was not able to quantify the potential cost of imposing joint audits, but did state that they believed that across the market the costs would be potentially significant. They state that a lot of weight was placed on the views of investors, who were almost universally opposed to joint audits on the grounds of additional costs and risks to audit quality.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7853 HL7855 question first answered 09/05/2016 12:43:28 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	384 label Biography information for Baroness McIntosh of Pickering

515035

registered interest
date	22/04/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Audit: EU Law
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, in the light of EU Directive 2014/56/EU and Regulation 537/2014 on statutory auditing, what assessment they have made of the potential impact of joint audit on levels of competition across the UK auditing sector.
tabling member printed	Baroness McIntosh of Pickering
uin	HL7855
answer	answer is ministerial correction date of answer 09/05/2016 answer text <p>The Government does intend to implement provisions relating to increased tendering as part of the implementation of the EU Audit Regulation and Directive. This is in line with the recommendations of the Competition and Markets Authority (CMA).</p><p>The provision on joint audit in the EU Regulation would act as an exemption from having to retender with the frequency envisaged by the CMA. The government consulted on the implementation of the audit directive including this option, and concluded the option should not be taken up.</p><p>Joint audit is not a practice followed in the UK, though it is expressly permitted by the Companies and legislation on some other entities. The Department for Business, Innovation and Skills has consulted on whether to take up this derogation. In response to our discussion document in December 2014 on auditor regulation, only 4 of 25 respondents supported its implementation.</p><p>It is unclear that increased joint audit would encourage competition. The option in the EU Regulation could result in prolonged audit engagements (up to 24 years) and fewer changes in auditor. This would be contrary to the objective of the CMA and the Regulation, which is to increase retendering and rotation of auditors not less.</p><p>The CMA considered the impact of joint audits on competition and concluded that promoting joint audits would have little effect on barriers to entry, expansion and selection. The CMA’s conclusions were based on views provided by a range of stakeholders. The CMA was not able to quantify the potential cost of imposing joint audits, but did state that they believed that across the market the costs would be potentially significant. They state that a lot of weight was placed on the views of investors, who were almost universally opposed to joint audits on the grounds of additional costs and risks to audit quality.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7853 HL7854 question first answered 09/05/2016 12:43:28 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	384 label Biography information for Baroness McIntosh of Pickering