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Modifications etc. (not altering text)
C1Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
C2Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)
C3Pt. 42 applied (with modifications) (15.8.2008) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950), reg. 6(5)
C4Pt. 42: functions transferred in part (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 7, 8, 9 (with art. 16)
(1)A person may not act as statutory auditor of an audited person if one or more of subsections (2), (3) and (4) apply to him.
(2)This subsection applies if the person is—
(a)an officer or employee of the audited person, or
(b)a partner or employee of such a person, or a partnership of which such a person is a partner.
(3)This subsection applies if the person is—
(a)an officer or employee of an associated undertaking of the audited person, or
(b)a partner or employee of such a person, or a partnership of which such a person is a partner.
(4)This subsection applies if there exists, between—
(a)the person or an associate of his, and
(b)the audited person or an associated undertaking of the audited person,
a connection of any such description as may be specified by regulations made by the Secretary of State.
(5)An auditor of an audited person is not to be regarded as an officer or employee of the person for the purposes of subsections (2) and (3).
(6)In this section “associated undertaking”, in relation to an audited person, means—
(a)a parent undertaking or subsidiary undertaking of the audited person, or
(b)a subsidiary undertaking of a parent undertaking of the audited person.
(7)Regulations under subsection (4) are subject to negative resolution procedure.
Modifications etc. (not altering text)
C5S. 1214 applied (15.12.2007) by The Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 9(8)(b)
C6S. 1214 applied (1.1.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), ss. 20, 29, Sch. 2 para. 25(4); S.I. 2011/2576, art. 3(c) (with art. 4)
Commencement Information
I1S. 1214 wholly in force at 6.4.2008; s. 1214 not in force at Royal Assent, see s. 1300; s. 1214 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 1214 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(u) (with savings in arts. 7, 12, Sch. 4 paras. 37-42)