C5Part 16Audit

Annotations:
Modifications etc. (not altering text)

C3C4 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

Exemption from audit: small companies

C1C2477Small companies: conditions for exemption from audit

1

A company that F1qualifies as a small company in relation to a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year.

2

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

For the purposes of this section—

a

whether a company qualifies as a small company shall be determined in accordance with section 382(1) to (6), F3. . .

b

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

This section has effect subject to—

  • section 475(2) and (3) (requirements as to statements to be contained in balance sheet),

  • section 476 (right of members to require audit),

  • section 478 (companies excluded from small companies exemption), and

  • section 479 (availability of small companies exemption in case of group company).