Company Law Reform Bill [HL]

I rise to speak to Amendment No. 317BB, which is in my name and that of my noble friend Lord Razzall. This is in a similar vein to the noble Baroness’s amendment; it is designed to clarify the civil liability position of the senior statutory auditor. It is clear from Clause 492(3) that the auditor’s position is not altered by reason of his signing the audit report. But what is the liability of an individual by virtue of being designated the senior statutory auditor? For example, does he owe a special duty of care to the audit client? The legislation needs to be very clear in that regard.