When must an LLP’s accounts be audited?

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

  • When must an LLP’s accounts be audited?
  • Requirement for an LLP to audit its accounts
  • Audit exemptions

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 of the Companies Act 2006 (CA 2006) as applied to limited liability partnerships (LLPs) by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911.

Requirement for an LLP to audit its accounts

An LLP is required to have its annual accounts for a financial year audited in accordance with CA 2006, Pt 16, unless the LLP can take advantage of one of the exemptions available. The term ‘audit’ is not defined in the CA 2006. However, the function of an LLP’s auditor is to report on the LLP’s annual accounts (auditor’s report).

Every LLP must send a copy of its annual account and auditor’s report for each financial year to:

  1. every member of the LLP

  2. every holder of the LLP’s debentures

not later than the end of the period for filing accounts and the auditor's report on them, or, if earlier, the date on which it actually delivers its accounts and the auditor's report on those accounts to Companies

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