The following Corporate guidance note provides comprehensive and up to date legal information covering:
There are statutory provisions relating to the liability of an auditor of a company and the limits that may be placed upon it. Prior to 6 April 2008, a company could not exempt or indemnify its auditors from liability for any negligence, default, breach of duty or breach of trust in relation to the company occurring in the course of the audit of accounts. However, such exemption or indemnification is now permitted, provided it takes the form of an indemnity for the costs of successfully defending proceedings or a liability limitation agreement.
In addition, there may be other rules relating to a company’s obligations in relation to audit and auditors that apply to a listed company, an AIM company or a company with securities that are listed on the NEX Exchange Main Board, NEX Exchange Growth Market or NEX Exchange Secondary Market (previously known as PLUS-listed, PLUS-quoted and PLUS-traded), but these are outside the scope of this Practice Note.
Some or all of the statutory provisions relating to auditors and liability limitation agreements may also apply to other companies and entities, but these are outside the scope of this Practice Note.
The UK audit regime may be affected by Brexit. For further details of its impact, see Brexit—statutory audit.
There are statutory
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