The following Corporate guidance note provides comprehensive and up to date legal information covering:
A company’s obligations in relation to audit and auditors are governed by Part 16 of the Companies Act 2006 (CA 2006).
The CA 2006 introduced rights for members of quoted companies to require website publication of their concerns about:
the audit of the company’s accounts, or
the departure of the company’s auditor
This Practice Note applies to quoted companies only. Quoted companies are those whose shares are officially listed in the UK or the EEA or admitted to dealing on the New York Stock Exchange or NASDAQ (AIM companies do not fall within the definition).
The UK audit regime may be affected by Brexit. For further details of its impact, see Brexit—statutory audit.
The members of a quoted company may require the company to publish on a website a statement setting out any matter that the members propose to raise at the next accounts meeting of the company relating to:
the audit of the company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid before the next accounts meeting, or
any circumstances connected with an auditor of the company ceasing to hold office since the previous accounts meeting
A quoted company is required to publish such a statement once it has received requests
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