An auditor’s terms of appointment and remuneration
An auditor’s terms of appointment and remuneration

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • An auditor’s terms of appointment and remuneration
  • Brexit impact
  • Background
  • Fixing an auditor’s remuneration
  • Auditor appointed by the members
  • Auditor appointed by the directors
  • Auditor appointed by the Secretary of State
  • Disclosure of an auditor's terms of appointment, services and remuneration
  • Disclosure of an auditor’s terms of appointment
  • Disclosure of services provided by an auditor or his associates and related remuneration
  • More...

Brexit impact

The UK audit regime may be affected by Brexit. For further details of its impact, see Brexit—statutory audit.

Background

There are statutory provisions relating to the terms of an auditor’s appointment and an auditor’s remuneration.

In addition, there may be other rules relating to the terms of an auditor’s appointment and an auditor’s remuneration that apply to a listed company, an AIM company or a company with securities that are listed on the AQSE Main Market or AQSE Growth Market (previously known as the NEX Exchange Main Board or NEX Exchange Growth Market), but these are outside the scope of this Practice Note.

In relation to how an auditor is appointed (including the mandatory tendering requirements applicable to public interest entities), see Practice Note: Appointment of an auditor and for a form of resolution, see precedent: Resolution to appoint or re-appoint an auditor and fix his remuneration. In relation to the appointment of an auditor where there has been a failure to re-appoint an auditor, see Practice Note: Failure to re-appoint an auditor. For further information on the removal and resignation of an auditor, see Practice Note: Removal or resignation of an auditor.

Fixing an auditor’s remuneration

There are statutory provisions relating to how an auditor’s remuneration is to be fixed and, for these purposes, ‘remuneration’ includes sums paid in respect of expenses and benefits in kind, as well

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