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Companies Act 2006

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Changes over time for: Section 525

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Version Superseded: 02/07/2012

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Point in time view as at 06/04/2008. This version of this provision has been superseded. Help about Status

Changes to legislation:

Companies Act 2006, Section 525 is up to date with all changes known to be in force on or before 27 February 2025. 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. Help about Changes to Legislation

525Meaning of “appropriate audit authority” and “major audit”U.K.
This section has no associated Explanatory Notes

(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.]

[F4Supervisory body” and “Independent Supervisor” have the same meaning] as in Part 42 (statutory auditors) (see [F5sections 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

Modifications etc. (not altering text)

C1Ss. 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))

C2Ss. 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)

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