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There are statutory provisions that apply in relation to an auditor taking, and ceasing to hold, office and their remuneration.

Also see Practice Note: Audit—fundamentals.

Brexit impact

The UK audit regime was affected by Brexit. For further details, see Brexit—statutory audit [Archived].

Appointment of an auditor, terms of appointment and remuneration

An auditor of a public company or a private company must be appointed for each financial year of the company, unless the directors reasonably resolve otherwise on the grounds that audited accounts are unlikely to be required.

An auditor of a private company may be:

  1. •

    appointed by the members of the company

  2. •

    appointed by the directors of the company

  3. •

    deemed re-appointed, or

  4. •

    appointed by the Secretary of State

An auditor of a public company may be:

  1. •

    appointed by the members of the company

  2. •

    appointed by the directors of the company, or

  3. •

    appointed by the Secretary of State

An auditor of a public company must be re-appointed each year and will not be deemed re-appointed.

There are statutory provisions relating to how an auditor’s remuneration is to be

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