The Statutory Auditors Regulations 2017

6.  In regulation 6 (appointment of auditors)—

(a) for paragraph (1) substitute—

“(1) The sections of the Companies Act 2006 listed in paragraph (1A) apply in relation to the appointment of auditors of an insurance undertaking as if the undertaking was a private company which is also a public interest entity, subject—

(a) where the undertaking concerned is unincorporated, to any necessary modifications to take account of that fact, and

(b) to the modifications made by paragraph (2).

(1A) The sections of the Companies Act 2006 are—

(a) 485 (appointment of auditors of private company: general),

(b) 485A (appointment of auditors of private company: additional requirements for public interest entities with audit committees),

(c) 485B (appointment of auditors of private company: additional requirements for public interest entities without audit committees),

(d) 485C (restriction on appointment of auditor of private company which is a public interest entity),

(e) 486 (appointment of auditors of private company: default power of Secretary of State)(1),

(f) 486A (defective appointments: default power of Secretary of State),

(g) 487 (term of office of auditors of private company)(2),

(h) 488 (prevention by members of deemed re-appointment of auditor), and

(i) 494ZA (the maximum engagement period)(3).”;

(b) in paragraph (2), after sub-paragraph (b) insert—

“(ba) in section 485A(4), the words after “Audit Regulation” are omitted;

(bb) in section 485B(4), the words after “must be drawn” are omitted;”;

(c) omit paragraphs (3) and (4).

(1)

Section 486 was amended by S.I. 2016/649 and 2017/516.

(2)

Section 487 was amended by S.I. 2016/649 and 2017/516.

(3)

Section 494ZA was inserted by S.I. 2017/516.