Audit obligations

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Practice notes
A guide to share purchase agreementsThis Practice Note provides an overview of the agreement for the sale and purchase of shares in a private limited...
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19th May
Practice notes
De facto and shadow directorsDefinition of 'director'The Companies Act 2006 (CA 2006) broadly defines a director as 'any person occupying the position...
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19th May
Practice notes
Tailoring a shelf companyA person wishing to set up a new company has the following options:•they can incorporate a new company in accordance with the...
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19th May
Practice notes
Alternate directorsThis Practice Note considers the appointment and removal of alternate directors, their status, powers, duties and liabilities and...
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19th May
Practice notes
Non-executive directors—independenceThe concept of independence is key to provisions in the UK Corporate Governance Code (UKCG Code) on board...
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Produced in partnership with Advanced Boardroom Excellence 19th May
Practice notes
G20/OECD Principles of Corporate GovernanceThis Practice Note discusses the Principles of Corporate Governance (Principles) published by the Group of...
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Produced in partnership with Professor Brenda Hannigan of University of Southampton 19th May
Practice notes
The Prospectus Regulation—key changes in comparison to the Prospectus Directive regimeThis Practice Note provides an overview of the implementation of...
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19th May
Q&As
Can a capital contribution/gift by a shareholder be treated as distributable reserves?The issue is whether capital contributions or gifts by a...
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Produced in partnership with Brenda Hannigan of Southampton University 19th May
Practice notes
The Transparency DirectiveThis Practice Note provides an overview of the implementation of and key changes introduced by the EU Transparency Directive...
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Produced in partnership with Mr Darragh Connell of Forum Chambers 19th May
Practice notes
Sub-division and consolidation of sharesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period...
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19th May
Practice notes
Insider listsThis Practice Note considers the obligation of an issuer who issues or proposes to issue financial instruments which are within the scope...
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19th May
Practice notes
General meetings—notice requirements for private and unlisted public companiesA general meeting must satisfy certain requirements set out in the...
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19th May
Practice notes
Notifying changes in share capital to Companies House—statement of capitalCoronavirus (COVID-19): Following the coronavirus (COVID-19) outbreak, some...
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19th May
Q&As
Will a redesignation of shares constitute a variation of class rights?A redesignation of shares involves a change in the name of some or all of a...
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Produced in partnership with Julian Henwood of Gowling WLG 19th May
Q&As
What is the process for a redesignation of shares?This Q&A examines how a company may carry out a redesignation of shares, meaning a change in the...
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19th May
Practice notes
Financial assistance—a quick guideThe Companies Act 2006 (CA 2006) prohibits: •a public company (or its subsidiary) from giving financial assistance...
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19th May

Most recent Audit obligations content

Practice notes
Audit legislation and consultations trackerContentsAudit—UK and EU legislationAudit—regulatory guidanceAudit—consultations and reviewsAccounts,...
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10th Sep
Practice notes
When must an LLP’s accounts be audited?This Practice Note looks at the requirement that an LLP’s annual accounts be audited in accordance with Part 16...
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21st Aug
Practice notes
The audit committeeThe UK Corporate Governance Code (UKCG Code), which is issued and administered by the Financial Reporting Council (FRC) is the...
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12th Aug
Practice notes
Audit and auditors—glossaryAAccounting reference period (ARP)Usually the period of 12 months over which a company draws up its accounts. If the...
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12th Aug
Practice notes
The requirement to audit accountsThis Practice Note looks at the requirement that a company’s annual accounts be audited in accordance with Part 16 of...
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12th Aug
Practice notes
Rights of members to raise audit concerns—quoted companiesA company’s obligations in relation to audit and auditors are governed by Part 16 of the...
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12th Aug
Practice notes
Brexit—statutory auditAt 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified...
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12th Aug
Practice notes
Filing, distribution and publication of an auditor’s reportThere are statutory provisions relating to the signature, filing and distribution of an...
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12th Aug
Practice notes
Small LLPs and micro-entity LLPs—audit exemptionIf an LLP prepares annual accounts for a financial year, they must be audited, unless the company is...
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12th Aug
Practice notes
Small companies and micro-entities—audit exemptionIf a company prepares annual accounts for a financial year, they must be audited, unless the company...
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12th Aug
Practice notes
Dormant companies—accounts and auditA dormant company is constituted and managed in the same way as any other company. However, the requirements...
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12th Aug
Practice notes
Audit—fundamentalsIn the UK, the audit of accounts and reports is governed by the Companies Act 2006 (CA 2006), Parts 16 and 42.Under CA 2006, s 475,...
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12th Aug
Practice notes
Subsidiary companies—audit exemptionIf a company prepares annual accounts for a financial year, they must be audited, unless the company is exempt...
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12th Aug
Q&As
What is the process to change a dormant public company to a private limited company?Re-registration of companiesPart 7 of the Companies Act 2006 (CA...
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12th Aug
Q&As
Does a specific provision in the articles requiring the appointment of an auditor override the ability of a small company to take advantage of the...
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12th Aug
Q&As
Can a company which is dormant, but is part of a group which is trading, rely on the audit exemption for dormant companies under s 480 of the...
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12th Aug
Q&As
From what date do the requirements of the EU Audit Regulation and Statutory Audit Amending Directive apply?In April 2014, the EU issued Regulation...
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12th Aug
Q&As
What are the implications for a company's directors who have wrongly relied on an audit exemption and filed unaudited accounts?Companies are required...
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12th Aug
Q&As
Can a dormant company which holds shares in another company receive a distribution and remain dormant?A dormant company will only remain dormant...
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12th Aug
Practice notes
The Chartered Governance Institute guidance on terms of reference for the audit committeeThis guidance, dated March 2017 and updated in January 2020,...
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30th Jul

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