PART 4OFFENCES

Penalties for non-compliance by auditors of qualifying partnerships16

1

If a person ceasing to hold office as auditor fails to comply with regulation 12, an offence is committed by—

a

that person, and

b

if that person is a firm, every officer of the firm who is in default.

2

In proceedings for an offence under this section it is a defence for the person charged to show that he took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

3

A person guilty of an offence under this regulation is liable—

a

on conviction on indictment, to a fine, and

b

on summary conviction, to a fine not exceeding the statutory maximum.

4

The following provisions of the Companies Act 2006, namely—

a

sections 1121 to 1123 (liability of officer in default),

b

sections 1127 and 1128 (summary proceedings: venue and time limit for proceedings), and

c

section 1130 (proceedings against unincorporated bodies),

apply to an offence under this regulation.