SCHEDULES

SCHEDULE 5Auditors ceasing to hold office

PART 1Notification requirements

I111

1

Section 525 (meaning of “appropriate audit authority” and “major audit”) is amended as follows.

2

In subsection (1)—

a

in paragraph (a)—

i

for the words before sub-paragraph (i) substitute “ in relation to an auditor of a public interest company (other than an Auditor General) ”;

ii

in sub-paragraph (ii), after “receiving the” insert “ statement or ”;

b

in paragraph (b), for the words from the beginning to “a major audit” substitute “ in relation to an auditor of a non-public interest company (other than an Auditor General) ”;

c

in paragraph (c), for “in the case of an audit conducted by” substitute “ in relation to ”.

3

Omit subsections (2) and (3).

4

In the heading, omit “and “major audit””.