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Companies Act 2006

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Requirement for audited accountsE+W+S+N.I.

475Requirement for audited accountsE+W+S+N.I.

(1)A company's annual accounts for a financial year must be audited in accordance with this Part unless the company—

(a)is exempt from audit under—

  • section 477 (small companies),

  • [F1section 479A (subsidiary companies)] or

  • section 480 (dormant companies);

or

(b)is exempt from the requirements of this Part under section 482 (non-profit-making companies subject to public sector audit).

(2)A company is not entitled to any such exemption unless its balance sheet contains a statement by the directors to that effect.

(3)A company is not entitled to exemption under any of the provisions mentioned in subsection (1)(a) unless its balance sheet contains a statement by the directors to the effect that—

(a)the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, and

(b)the directors acknowledge their responsibilities for complying with the requirements of this Act with respect to accounting records and the preparation of accounts.

(4)The statement required by subsection (2) or (3) must appear on the balance sheet above the signature required by section 414.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

Modifications etc. (not altering text)

C1S. 475 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 33 (as amended (1.10.2012 with application in accordance with reg. 2 of the amending S.I.) by S.I. 2012/2301, regs. 1, 20(2))

C2Ss. 475-481 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

476Right of members to require auditE+W+S+N.I.

(1)The members of a company that would otherwise be entitled to exemption from audit under any of the provisions mentioned in section 475(1)(a) may by notice under this section require it to obtain an audit of its accounts for a financial year.

(2)The notice must be given by—

(a)members representing not less in total than 10% in nominal value of the company's issued share capital, or any class of it, or

(b)if the company does not have a share capital, not less than 10% in number of the members of the company.

(3)The notice may not be given before the financial year to which it relates and must be given not later than one month before the end of that year.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C4Ss. 475-481 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

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