To ask the Secretary of State for Trade and Industry how many organisations will be (a) directly and (b) indirectly responsible for regulating auditors under his Department's proposals for regulating accountancy and auditing. [82548]

The new framework for the regulation of the accountancy profession, which I announced on 28 April, does not affect the bodies recognised under the Companies Act 1989 to supervise auditors, of which there are at present five. However, the framework establishes three new independent boards covering ethical standards, investigation and discipline, and auditing standards, which largely replace existing bodies and whose work will underpin particular aspects of auditor regulation. These bodies will come under the scrutiny of a new independent Review Board and appointments to them, and to the Review Board, will be made by an independent Foundation.