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Companies Act 2006

Section 487: Term of office of auditors of private company

742.This section provides that the end of the term of office of the auditor of a private company is to be the end of the next period for appointing auditors. At the end of his term an auditor will automatically be deemed to be re-appointed except in five cases:

  • if he was appointed by the directors;

  • if the company’s articles require actual re-appointment;

  • if enough members have given notice to the company under section 488;

  • if there has been a resolution that the auditor should not be reappointed; or

  • if the directors decide that they do not need auditors for the following year.

743.When there is a change of auditor the term of office of the incoming auditor does not begin before the end of the previous auditor’s term. This means that a new auditor’s term will typically begin immediately after the end of the 28-day period for appointing auditors.

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