Part 42 Statutory Auditors (ss 1209-1264)
Part 42 Statutory Auditors (ss 1209-1264)
Companies Act 2006 | Legislation

1209 Main purposes of Part

The main purposes of this Part are—

(a)     to secure that only persons who are properly supervised and appropriately qualified are appointed as statutory auditors, and

(b)     to secure that audits by persons so appointed are carried out properly, with integrity and with a proper degree of independence.


1210 Meaning of “statutory auditor” etc

(1)     In this Part “statutory auditor” means—

(a)     a person appointed as auditor under Part 16 of this Act,

(b)     a person appointed as auditor under section 77 of or Schedule 11 to the Building Societies Act 1986 (c 53),

[(c)     a person appointed as auditor of a friendly society under section 72 of or Schedule 14 to the Friendly Societies Act 1992, where that society is—

(i)     an insurer, or

(ii)     an issuer whose transferable securities are admitted to trading on a regulated market [UK regulated market];]

(d)     . . .

[(e)     a person appointed as auditor for the purposes of regulation 5 of the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 or appointed to report on the “aggregate accounts” within the meaning of those Regulations,]

[(f)     a person appointed as auditor of an insurance undertaking for the purposes of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008,]

[(g)     . . .]

(h)     a person appointed as auditor of a prescribed person under a prescribed enactment authorising or requiring the appointment;

and the expressions “statutory audit” and “statutory audit work” are to be construed accordingly.

(2)     In this Part “audited person” means the person in respect of whom a statutory audit is conducted.

(3)     In subsection (1)—