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 26 July 2008
Department for Innovation, Universities and Skills (DIUS)
 
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Audit

Frequently asked questions

How will Part 16 (audit) be commenced?

Part 16 (audit) was commenced on 6 April 2008. In line with the approach on Part 15 (accounts and reports), most of the provisions apply to the audits of accounts for financial years beginning on or after 6 April 2008. This will include for example:

  • The requirement (sections 503 to 506) that an audit report be signed by an individual (the senior statutory auditor) will apply to audit reports on accounts for financial years starting on or after 6 April 2008;
  • The new offences (section 507) in relation to audit will apply to audit reports on accounts for financial years starting on or after 6 April 2008.
    Some provisions came into effect straight away on 6 April 2008. These included:
  • The revised rules about the statements that auditors have to make when leaving a company in sections 519 to 525 will apply to departures on or after 6 April.
  • The new rules allowing auditors and companies to agree limitations of the auditors’ liability subject to certain conditions (sections 532 to 538) allow properly approved agreements to be valid as from 6 April 2008.

 

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