C6Part 16Audit

Annotations:
Modifications etc. (not altering text)

C4C5Chapter 1Requirement for audited accounts

Annotations:
Modifications etc. (not altering text)
C5

Pt. 16 Ch. 1 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1

Requirement for audited accounts

C1C2475Requirement for audited accounts

C31

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), 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.