Companies Act 2006

Prospective

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—

(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 that is not a major audit, the relevant supervisory body.

• “Supervisory body” has the same meaning as in Part 42 (statutory auditors) (see section 1217).

(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).