The report on the annual accounts of a company prepared by the company's auditor.

The Directors [Insert company name] [LTD OR PLC] [Insert company address] [Insert date] Dear [Directors OR Secretary] [Insert company name] [LTD OR PLC]

To: The Directors [insert company name] [LTD OR PLC] [insert address] [insert date] Dear [Directors OR Secretary] [insert company name] [LTD OR PLC] (the Company)—registered number: [insert company number] In accordance

To: The Directors [insert company name] [LTD OR PLC] [insert address] [insert date] Dear [Directors OR Secretary] [insert company name] [LTD OR PLC] (the Company)–registered number: [insert number] In

What is a local authority audit? Local authority external audit is vital to the stewardship of public funds. In England, this responsibility is outsourced to accountancy firms and governed by the Local Audit and Accountability Act 2014 (LAAA 2014). Contracts are awarded to those firms by Public Sector Appointments Ltd (PSAA) (see below) based on five-year contracts. PSAA have awarded contracts for the periods 2018/29–2022/23 and most recently for 2023/2024–2027/28. PSAA is responsible for setting audit fees at specific bodies. Individual engagement leads from firms must be accredited by the ICAEW as Key Audit Partners. This accreditation is only awarded if the individual has the requisite experience of working on local audit bodies and commitment that they spend the vast majority of their time on such audits. The quality of audit work is overseen by the Financial Reporting Council. The scope of audit work is much wider than a commercial audit. The scope of audit work is set by the National Audit Office every five years and

The Auditor General for Wales is responsible for the audit of the accounts of local government bodies in Wales as part of their overall responsibilities for public service audit in Wales. The Public Audit (Wales) Act 2004 (PA(W)A 2004) established separate arrangements for local government in Wales, ending the Audit Commission’s role in the principality. However, much of PA(W)A 2004 was consistent with the local government model in the Audit Commission Act 1998, retaining many of the special provisions that have applied in local government for many years and which have a long history of supporting case law (particularly in relation to the additional powers for the auditor to take action and the rights of the public under audit). Under PA(W)A 2004, Audit Wales was appointed as the auditor to local government bodies and employed firms to carry out audit work under delegation. The Public Audit (Wales) Act 2013 (PA(W)A 2013) amended PA(W)A 2004 to make the Auditor General the appointed auditor and move the model closer to that which applies for central government. Audit work

This fundamentals note seeks to provide accessible practical guidance and links to more comprehensive content in relation to the auditing of the accounts and reports of a company. In the United Kingdom, the audit of accounts and reports is governed by Parts 16 and 42 of the Companies Act 2006 (CA 2006). Under CA 2006, s 475, a company is required to have its annual accounts for a financial year audited in accordance with CA 2006, Pt 16, unless the company can take advantage of one of the exemptions available. The term ‘audit’ is not defined in the CA 2006, however, the function of a company’s auditor is to report on the annual accounts of a company (auditor’s report), copies of which must: • in the case of a private company, be sent to every member of the company, every holder of the company's debentures and every person who is entitled to receive notice of general meetings during the auditor’s tenure of office, or • in the case of a public company, be laid before the company in general meeting

Amount of additional benefits provided in respect of a particular member, or category of members, of a scheme, usually funded by the employer and sometimes by the scheme. This is paid in accordance with the scheme rules.

CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the decision of 4 May 2020; it is no longer maintained. See further, timeline and commentary. Case facts Outline European Commission merger investigation into the proposed acquisition by Aurubis AG of Metallo Group Holding NV (Case M.9409). The transaction involves horizontal overlaps in the markets for copper and copper scrap for refining. Latest developments On 4 May 2020, the Commission unconditionally cleared the transaction. Parties Aurubis AG (Aurubis): Aurubis is based in Germany. It is a worldwide provider of non-ferrous metals and the largest integrated European copper producer. Aurubis processes copper concentrates and copper scrap and produces copper cathodes and by-products of the copper refining process. It also supplies copper shapes and semi-finished copper as well as copper alloy products such as flat rolled, bars, rods and wires. Metallo Group Holding NV (Metallo): Metallo is based in Belgium. It is active in the recycling, processing and trading of non-ferrous metals. In particular, Metallo refines copper scrap to produce

1. What is the applicable legislation? The primary legislation governing the acquisitions of Australian businesses, entities or land by foreign persons and other actions by foreign persons is the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA). The Foreign Acquisitions and Takeovers Regulations 2015 (Cth) (FATR) supplements the FATA and sets out further details of the framework. In addition, the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (Cth) and its accompanying regulations further enhance the Australian FDI regulatory regime. 2. Which government or other body (or bodies) reviews foreign investments? The Australian Federal Treasurer is ultimately responsible for all decisions relating to foreign investment. Australia’s foreign investment regime empowers the Treasurer to make orders in respect of foreign investment proposals that are considered by the Treasurer to be contrary to the national interest. Certain investments by foreign persons require notification to the Federal Treasurer and prior approval (a ‘no objection notification’, commonly referred to as ‘FIRB approval’) before proceeding with the investment. The Treasurer is advised and assisted by the Foreign Investment Review Board (FIRB), which is

NOTE—to see whether notification thresholds in Australia and throughout the world are met, see further: Where to Notify. 1. Have there been any recent developments regarding the Australian merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Australia? Substantial changes to Australia’s merger regime as of 1 April 2026 From 1 January 2026, Australia’s merger regime underwent the most significant amendments in some 50 years. The reforms were premised on making Australian mergers simpler, faster and more transparent, as well as to align Australia’s merger regime with that of other Organisation for Economic Co-operation and Development economies. However, the resulting regime is highly complex, nuanced and bespoke to Australia. The new regime has been controversial and it remains to be seen how effectively it will work in practice. As at 1 April 2026, Australia has a mandatory pre-notification regime under the Competition and Consumer Act 2010 (CCA 2010) for • acquisitions of: ◦ shares, units or interests in managed investment schemes,

The Australian Government has launched a public consultation process to inform the development of new rules governing the use of automated decision-making (ADM) systems in government agencies. This initiative, running from 13 November 2024 to 15 January 2025, stems from recommendations made by the Royal Commission into the Robodebt Scheme. The consultation aims to gather insights on potential regulations, including enhanced transparency requirements, mandatory risk assessments, regular system audits, human oversight provisions and expanded rights for individuals to challenge ADM outcomes. These measures seek to ensure ADM systems operate legally, fairly and in accordance with human rights principles whilst maintaining the benefits of efficiency and accuracy in government decision-making processes.