The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 No. 177

PART 2 Amendment of primary legislation

CHAPTER 1 Part 16 of the Companies Act 2006

Amendment of Part 16 of the Companies Act 2006

5.  In section 494ZA (the maximum engagement period)(1)—

(a) in subsection (5)(a)(ii), omit “and” at the end;

(b) for subsection (5)(a)(iii) substitute—

“(iii) if the company is a private company and does not have an audit committee, a selection procedure that complies with the requirements of section 485B(4),

(iv) if the company is a public company and does not have an audit committee, a selection procedure that complies with the requirements of section 489B(4),”;

(c) in subsection (5)(b) after “Audit Regulation” insert “as it had effect immediately before exit day”.

(1)

Section 494ZA was inserted by regulation 12(14) of S.I. 2017/516. Subsection (5) was amended by paragraph 20 of Schedule 1 to S.I. 2017/1164.