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Companies Act 2006

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This is the original version (as it was originally enacted).

525Meaning of “appropriate audit authority” and “major audit”
This section has no associated Explanatory Notes

(1)In sections 522, 523 and 524 “appropriate audit authority” means—

(a)in the case of a major audit—

(i)the Secretary of State, or

(ii)if the Secretary of State has delegated functions under section 1252 to a body whose functions include receiving the notice in question, that body;

(b)in the case of an audit that is not a major audit, the relevant supervisory body.

  • “Supervisory body” has the same meaning as in Part 42 (statutory auditors) (see section 1217).

(2)In sections 522 and this section “major audit” means a statutory audit conducted in respect of—

(a)a company any of whose securities have been admitted to the official list (within the meaning of Part 6 of the Financial Services and Markets Act 2000 (c. 8)), or

(b)any other person in whose financial condition there is a major public interest.

(3)In determining whether an audit is a major audit within subsection (2)(b), regard shall be had to any guidance issued by any of the authorities mentioned in subsection (1).

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