Company Law Reform Bill [HL]

My Lords, I look forward to receiving that and I thank the noble Lord in advance. I shall repair to the bar immediately to peruse it. There is also the risk that audit firms will focus more on challenging points rather than focusing their efforts where we want them to, addressing underlying quality issues. As I said, there is an important debate to be had on this, and the oversight board is currently reviewing its approach to publication, having regard to practices in other countries with a view to consulting more widely later this year. In any case, the amendments before us would not necessarily result in publication of individual reports. There are a number of exceptions under the Freedom of Information Act that would probably apply with respect to much of the information contained in AIU reports. As I said in Committee, the Government are currently building up evidence on how freedom of information has impacted on the bodies that meet the existing criteria, with a view to extending designation to further bodies. We believe that that is the appropriate context in which to consider the position of the Professional Oversight Board with respect to inclusion within the provisions of the Freedom of Information Act. That should, however, remain completely separate to the passage of the Bill. As I said, the oversight board is reviewing its approach to publication of AIU reports with a view to consulting more widely later this year. I hope that, on the basis of what I have said, the noble Lord will feel able not to press the amendment. This is an important issue; there is a way to address it; but it is not the manner suggested by the amendments.