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Companies Act 2006
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act amendment to earlier affecting provision S.I. 1989/638, Sch. 4 by S.I. 2024/410 Sch. 2 para. 1
- Act amendment to earlier affecting provision S.I. 2008/373 reg. 11(1) by S.I. 2013/1971 reg. 9(a) (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
- Act amendment to earlier affecting provision S.I. 2008/373 reg. 3(4) by S.I. 2013/1971 reg. 4 (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 156A-156C inserted by 2015 c. 26 s. 87(4)
- s. 156B(5) omitted by 2023 c. 56 Sch. 2 para. 26
- s. 156C(2) words substituted by 2023 c. 56 s. 41(2)(a)
- s. 156C(2A) inserted by 2023 c. 56 s. 41(2)(b)
- s. 156C(3) substituted for s. 156C(3)-(5) by 2023 c. 56 Sch. 2 para. 27
- s. 479A(2)(c)(zi) inserted by S.I. 2019/177 reg. 4(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 4 substituted by regs. 4, 4A immediately before IP completion day by S.I. 2019/1392, regs. 1(2), 4)
- s. 479B(a)(iii) amendment to earlier affecting provision S.I.2008/1991 reg.34 by S.R. 2024/78 reg. 31(4)
- s. 479B(a)(iii) amendment to earlier affecting provision S.I.2008/1991 reg.34A by S.R. 2024/78 reg. 31(5)
- s. 1047(4)(i)(j) inserted by 2023 c. 56 s. 21(2)
- s. 1087(da) substituted by 2023 c. 56 s. 52(2)
- s. 1087A-1807C applied by S.I. 2009/2436, Sch. 1 para. 20(1)(ca) (as substituted) by S.I. 2024/410 Sch. 2 para. 5(d)(ii)
- s. 1110E-110G applied by S.I. 2009/1804, reg. 60 (as amended) by S.I. 2024/234 reg. 26
- s. 11989A applied (with modifications) by S.I. 2009/1804, reg. 79A (as inserted) by S.I. 2024/234 reg. 46
- Sch. 10 para. 6(2D) inserted by S.I. 2019/177 reg. 28(e) (This amendment not applied to legislation.gov.uk. Reg. 28(e) omitted immediately before IP completion day by virtue of S.I. 2020/523, regs. 1(2), 14(e)(iv))
- Sch. 10 para. 7(2A) inserted by S.I. 2019/177 reg. 29(b) (This amendment not applied to legislation.gov.uk. Reg. 29 substituted immediately before IP completion day by S.I. 2020/523, regs. 1(2), 14(f))
487Term of office of auditors of private companyU.K.
This section has no associated Explanatory Notes
(1)An auditor or auditors of a private company hold office in accordance with the terms of their appointment, subject to the requirements that—
(a)they do not take office until any previous auditor or auditors cease to hold office, and
(b)they cease to hold office at the end of the next period for appointing auditors unless re-appointed.
F1(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(1B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(1C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(1D). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(1E). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)Where no auditor has been appointed by the end of the next period for appointing auditors, any auditor in office immediately before that time is deemed to be re-appointed at that time, unless—
(a)he was appointed by the directors, or
(b)the company's articles require actual re-appointment, or
(c)the deemed re-appointment is prevented by the members under section 488, or
(d)the members have resolved that he should not be re-appointed, or
(e)the directors have resolved that no auditor or auditors should be appointed for the financial year in question or
[F2(f)the auditor’s appointment would be in breach of section 485C.]
(3)This is without prejudice to the provisions of this Part as to removal and resignation of auditors.
(4)No account shall be taken of any loss of the opportunity of deemed re-appointment under this section in ascertaining the amount of any compensation or damages payable to an auditor on his ceasing to hold office for any reason.
Textual Amendments
F1S. 487(1A)-(1E) omitted (with effect in accordance with reg. 1(6)(8) of the amending S.I.) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 12(6)(a)
F2S. 487(2)(f) substituted (with effect in accordance with reg. 1(6)(8) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 12(6)(b)
Modifications etc. (not altering text)
C1Ss. 485-488 applied (with modifications) (6.4.2008) by The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 (S.I. 2008/567), reg. 4, Sch. para. 9
C2Ss. 485-488 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 36; (as amended (with effect in accordance with reg. 2(5)(a) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 3 para. 11 (with reg. 2(6)(7))
C3S. 487 applied (with modifications) (6.4.2008) by The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 (S.I. 2008/565), reg. 6(1)(2)(4)
C4S. 487 applied (with modifications) (6.4.2008) by The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 (S.I. 2008/567), reg. 7(1), Sch. para. 1 (with Sch. para. 11)
C5Ss. 484-539 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)
C6S. 487 applied (with modifications) by S.I. 2008/565, reg. 6(1)(1A) (as substituted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 6(a) (with reg. 2(6)(7)))
Commencement Information
I1S. 487 wholly in force at 1.10.2007; s. 487 not in force at Royal Assent see s. 1300; s. 487 in force at 1.10.2007 by S.I. 2007/2194, art. 2(1)(h) (with savings in art. 12 and subject to transitional adaptations specified in Sch. 1 and with transitional provisions and savings in Sch. 3)
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