- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2008)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/08/2008
Point in time view as at 06/04/2008.
Companies Act 2006, Chapter 1 is up to date with all changes known to be in force on or before 15 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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The main purposes of this Part are—
(a)to secure that only persons who are properly supervised and appropriately qualified are appointed as statutory auditors, and
(b)to secure that audits by persons so appointed are carried out properly, with integrity and with a proper degree of independence.
(1)In this Part “statutory auditor” means—
(a)a person appointed as auditor under Part 16 of this Act,
(b)a person appointed as auditor under section 77 of or Schedule 11 to the Building Societies Act 1986 (c. 53),
(c)a person appointed as auditor of an insurer that is a friendly society under section 72 of or Schedule 14 to the Friendly Societies Act 1992 (c. 40),
(d)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e)a person appointed as auditor for the purposes of regulation 3 of the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2004 (S.I. 2004/3219) or appointed to report on the “aggregate accounts” within the meaning of those Regulations,
[F2(f)a person appointed as auditor of an insurance undertaking for the purposes of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008,]
[F3(g)a person appointed as auditor of a bank for the purposes of the Bank Accounts Directive (Miscellaneous Banks) Regulations 2008,]
(h)a person appointed as auditor of a prescribed person under a prescribed enactment authorising or requiring the appointment;
and the expressions “statutory audit” and “statutory audit work” are to be construed accordingly.
(2)In this Part “audited person” means the person in respect of whom a statutory audit is conducted.
(3)In subsection (1)—
“bank” means a person who—
is a credit institution within the meaning given by Article 4.1(a) of Directive 2006/48/EC of the European Parliament and of the Council relating to the taking up and pursuit of the business of credit institutions, and
is a company or a firm as defined in Article 48 of the Treaty establishing the European Community;
“friendly society” means a friendly society within the meaning of the Friendly Societies Act 1992 (c. 40);
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“insurer” means a person who is an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings;
“prescribed” means prescribed, or of a description prescribed, by order made by the Secretary of State for the purposes of subsection (1)(h).
(4)An order under this section is subject to negative resolution procedure.
Textual Amendments
F1S. 1210(1)(d) omitted (6.4.2008) by virtue of The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 (S.I. 2008/565), reg. 15(1)(b)(i)
F2S. 1210(1)(f) substituted (6.4.2008) by The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 (S.I. 2008/565), reg. 15(1)(a)
F3S. 1210(1)(g) substituted (6.4.2008) by The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 (S.I. 2008/567), reg. 14
F4S. 1210(3): defininition of "industrial and provident society" omitted (6.4.2008) by virtue of The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 (S.I. 2008/565), reg. 15(1)(b)(ii)
Commencement Information
I1S. 1210 wholly in force at 6.4.2008; s. 1210 not in force at Royal Assent, see s. 1300; s. 1210 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. 1210 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)
A person is eligible for appointment as a statutory auditor only if the person is so eligible—
(a)by virtue of Chapter 2 (individuals and firms), or
(b)by virtue of Chapter 3 (Comptroller and Auditor General, etc).
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