Companies Act 2006

493Disclosure of terms of audit appointmentU.K.

(1)The Secretary of State may make provision by regulations for securing the disclosure of the terms on which a company's auditor is appointed, remunerated or performs his duties.

Nothing in the following provisions of this section affects the generality of this power.

(2)The regulations may—

(a)require disclosure of—

(i)a copy of any terms that are in writing, and

(ii)a written memorandum setting out any terms that are not in writing;

(b)require disclosure to be at such times, in such places and by such means as are specified in the regulations;

(c)require the place and means of disclosure to be stated—

(i)in a note to the company's annual accounts (in the case of its individual accounts) or in such manner as is specified in the regulations (in the case of group accounts),

(ii)in[F1the strategic report or] the directors' report, or

(iii)in the auditor's report on the company's annual accounts.

(3)The provisions of this section apply to a variation of the terms mentioned in subsection (1) as they apply to the original terms.

(4)Regulations under this section are subject to affirmative resolution procedure.