Audit obligations

Part 16 of the Companies Act 2006 (CA 2006) contains statutory provisions concerning the obligations of a company in relation to audit and auditors. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 apply some of these provisions to limited liability partnerships (LLPs). These include provisions:

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requiring that a company’s annual accounts for a financial year must be audited (subject to certain exceptions)
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relating to the filing, distribution and publishing of an auditor's report, and
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requiring a quoted company to publish on a website a statement of certain audit concerns raised by its members

CA 2006, Pt 42 contains provisions relating to statutory auditors.

See Practice Note: Audit—fundamentals.

Trackers

The following trackers provide a useful record of past and forthcoming legislation, rules, guidance and consultations:

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Audit legislation and consultations tracker
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Corporate reporting and audit—environmental sustainability and climate change tracker

The UK audit regime was impacted by Brexit, see archived Practice Note: Brexit—statutory audit [Archived].

The audit requirement

If a company or LLP prepares annual accounts for

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