C3Part 16Audit

Annotations:
Modifications etc. (not altering text)

Chapter 4Removal, resignation, etc of auditors

Statement by auditor on ceasing to hold office

C1C2525Meaning of “appropriate audit authority” and “major audit”

1

In sections 522, 523 and 524 “appropriate audit authority” means—

a

in the case of a major auditF1 (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.

F3c

in the case of an audit conducted by an Auditor General, the Independent Supervisor.

F4 “Supervisory 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).