The Companies (Revision of Defective Accounts and Reports) Regulations 2008

Auditor’s report on revised accounts and revised report

7.—(1) Subject to paragraph (2), a company’s current auditor shall make a report or (as the case may be) further report under section 495 of the 2006 Act (auditor’s report on company’s annual accounts), to the company’s members under this regulation on any revised accounts prepared under section 454 of that Act and—

(a) section 498 of that Act (duties of auditor) applies with any necessary modifications, and

(b) section 495(1) does not apply with respect to the revised accounts.

(2) Where the auditor’s report on the original annual accounts was not made by the company’s current auditor, the directors of the company may resolve that the report required by paragraph (1) is to be made by the person or persons who made that report, provided that that person or those persons agree to do so and would be qualified for appointment as auditor of the company.

(3) Subject to regulation 19(1), an auditor’s report under this regulation must state whether in the auditor’s opinion the revised accounts have been properly prepared in accordance with the provisions of the 2006 Act and, where applicable, Article 4 of the IAS Regulation as they have effect under these Regulations, and in particular whether a true and fair view, seen as at the date the original annual accounts were approved, is given by the revised accounts with respect to the matters set out in section 495(3)(a) to (c) of that Act.

The report must also state whether in the auditor’s opinion the original annual accounts failed to comply with the requirements of the 2006 Act and, where applicable, Article 4 of the IAS Regulation in the respects identified by the directors (in the case of a revision by replacement) in the statement required by regulation 4(2)(a)(iv) or (in the case of a revision by supplementary note) in the supplementary note.

(4) The auditor must also state whether the information contained in the directors’ report for the financial year for which the annual accounts are prepared (which is, if the report has been revised under these Regulations, that revised report) is consistent with those accounts.

(5) Sections 503 to 506 of the 2006 Act (signature of auditor’s report) apply to an auditor’s report under this regulation as they apply to an auditor’s report under section 495(1) of that Act, with any necessary modifications.

(6) An auditor’s report under this regulation shall, upon being signed under section 503 of the 2006 Act as so applied, be, as from the date of signature, the auditor’s report on the annual accounts of the company in place of the report on the original annual accounts.