The following Corporate practice note provides comprehensive and up to date legal information covering:
In 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, a company is required to have its annual accounts for a financial year audited in accordance with CA 2006, Pt 16, unless the company can take advantage of one of the exemptions available. The term ‘audit’ is not defined in the CA 2006. However, the function of a company’s auditor is to report on the annual accounts of a company (auditor’s report), copies of which must:
in the case of a private company, be sent to every member of the company, every holder of the company's debentures and every person who is entitled to receive notice of general meetings during the auditor’s tenure of office, or
in the case of a public company, be laid before the company in general meeting during the auditor’s tenure of office
See Practice Notes:
The requirement to audit accounts
Appointment of an auditor
An auditor’s duties and rights
As regards the impact of Brexit on statutory audit in the UK see Practice Note: Brexit—statutory audit.
For information on the various emergency measures relating to financial reporting and audit implemented by the relevant regulatory authorities as a result of the coronavirus pandemic see Practice Note: Coronavirus (COVID-19)—impact on annual accounts and reports. For
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
This Practice Note identifies the main torts (bar negligence and nuisance, which are covered elsewhere in our related content) and their key characteristics. Specifically:•trespass to land•trespass to the person•privacy/defamation•liability for animals•employers' liability•product
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.