This article, the eighteenth in our series on the Companies Act 2006, will focus on audited accounts, including exemptions for various companies, and the implications surrounding the appointment of an auditor
The audit requirements are closely linked with the principle of disclosure, often spoken of as one of the foundations of modern company law and investor safeguards. The effectiveness of disclosure of financial information in annual accounts depends on its being generally accepted as true and fair. It is thus the role of auditors to report whether this is so.
Section 475 states that a companyʼs annual accounts for a financial year must be audited in accordance with CA 2006 unless the company:
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