C13C8C18C7C20C19C17C6Part 16Audit

Annotations:
Modifications etc. (not altering text)
C13

Pt. 16 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 162, 163 (with reg. 189)

C7

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

C3C4C12C9C7C10C11C16C14C21 Chapter 1Requirement for audited accounts

Annotations:
Modifications etc. (not altering text)
C4

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

C12

Pt. 16 Ch. 1 applied (with modifications) by S.I. 2008/565, reg. 3 (as substituted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 3 (with reg. 2(6)(7)))

C9

Pt. 16 Ch. 1 applied (with modifications) (E.W.S.) (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 9(4)-(8)

Requirement for audited accounts

C1C5C15475Requirement for audited accounts

C21

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),

  • F1section 479A (subsidiary 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).

F22

A company is not entitled to any such exemption unless its balance sheet contains a statement by the directors to that effect.

F22

A company is not entitled to any such exemption unless its balance sheet contains a statement by the directors—

a

identifying the exemption in question, and

b

confirming that the company qualifies for the exemption.

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.