The Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) (Amendment) Regulations 2011 (SI 2011/2198), which came into force on 1 October 2011, up-date the classification of audit and non-audit services, which large companies and groups must use to disclose, by way of note to the annual accounts, the fees they have paid their auditor or auditor’s associates. The new regime applies to companies with financial years beginning on or after 1 October 2011. Companies with financial years beginning before that date may elect to complete their accounts in accordance with the new rules if they so wish.

The Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) (Amendment) Regulations 2011 (SI 2011/2198) available at: http://www.legislation.gov.uk/uksi/2011/2198/introduction/made

The change, made by way of amendment to the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008, brings the classification into line with in the relevant European legislation2 and the revised Ethical Standards for Auditors published by Auditing Practices Board in December 2010 and available at: http://www.frc.org.uk/apb/publications/pub2463.html