C7C10C11C12C4Part 16Audit

Annotations:
Modifications etc. (not altering text)
C7

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)

C12

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))

C2C3C8C9C12 Chapter 1Requirement for audited accounts

Annotations:
Modifications etc. (not altering text)
C3

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

C8

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)

Exemption from audit: dormant companies

C1C5480C6Dormant companies: conditions for exemption from audit

1

A company is exempt from the requirements of this Act relating to the audit of accounts in respect of a financial year if—

a

it has been dormant since its formation, or

b

it has been dormant since the end of the previous financial year and the following conditions are met.

2

The conditions are that the company—

a

as regards its individual accounts for the financial year in question—

i

is entitled to prepare accounts in accordance with the small companies regime (see sections 381 to 384), or

ii

would be so entitled but for having been a public company or a member of an ineligible group, and

b

is not required to prepare group accounts for that year.

3

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), and

  • section 481 (companies excluded from dormant companies exemption).