Company Law Reform Bill [HL]

Perhaps I may make a couple of points. The disciplinary proceedings are very severe and I cannot see that these provisions would radically change that position. Equally, once they are properly understood, I do not think there will be any need for the vast majority of auditors, who do their work in a diligent and straightforward way, to fear them. We therefore do not see that there should be any major change of behaviour by any auditors, other than those who are tempted to issue inaccurate audit reports or not to investigate problems.