SCHEDULE 3TRANSITIONAL PROVISIONS AND SAVINGS
Appointment of auditors of private companies (ss.485 to 488)
44.
(1)
Sections 485 to 488 of the Companies Act 2006 (appointment of auditors of private companies) apply in relation to appointments for financial years beginning on or after 1st October 2007.
(2)
Sections 384 to 388A of the 1985 Act or Articles 392 to 396A of the 1986 Order continue to apply in relation to appointments for financial years beginning before that date.
(3)
Where—
(a)
a private company has elected under section 386 of the 1985 Act or Article 394 of the 1986 Order to dispense with the annual appointment of auditors, and
(b)
the election is in force immediately before 1st October 2007,
section 487(2)(a) of the Companies Act 2006 (no deemed reappointment of auditors appointed by directors) does not prevent the deemed reappointment under that subsection of auditors first appointed before 1st October 2007.