Companies Act 2006 (c. 46)

Part 16 U.K. Audit

Modifications etc. (not altering text)

C1 Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2

Chapter 4 U.K. Removal, resignation, etc of auditors

Statement by auditor on ceasing to hold office U.K.

525 Meaning of “appropriate audit authority” and “major audit” U.K.

(1) In sections 522, 523 and 524 “appropriate audit authority” means—

(a) in the case of a major audit[F1 (other than one conducted by an Auditor General)]—

(i) the Secretary of State, or

(ii) if the Secretary of State has delegated functions under section 1252 to a body whose functions include receiving the notice in question, that body;

(b) in the case of an audit [F2 (other than one conducted by an Auditor General)] that is not a major audit, the relevant supervisory body.

[F3 (c) in the case of an audit conducted by an Auditor General, the Independent Supervisor.]

[F4 “Supervisory body” and “Independent Supervisor” have the same meaning] as in Part 42 (statutory auditors) (see [F5 sections 1217 and 1228]).

(2) In sections 522 and this section “major audit” means a statutory audit conducted in respect of—

(a) a company any of whose securities have been admitted to the official list (within the meaning of Part 6 of the Financial Services and Markets Act 2000 (c. 8)), or

(b) any other person in whose financial condition there is a major public interest.

(3) In determining whether an audit is a major audit within subsection (2)(b), regard shall be had to any guidance issued by any of the authorities mentioned in subsection (1).

Textual Amendments

F1 Words in s. 525(1)(a) inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 41(2)

F2 Words in s. 525(1)(b) inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 41(3)

F3 S. 525(1)(c) inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 41(4)

F4 Words in s. 525(1) substituted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 41(5)(a)

F5 Words in s. 525(1) substituted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 41(5)(b)

Modifications etc. (not altering text)

C2 Ss. 519-526 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 46; (as amended (with effect in accordance with reg. 2(5)(a) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 3 para. 19 (with reg. 2(6)(7))

C3 Ss. 484-539 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)