Section 494ZA(5)

In this section “qualifying selection procedure” means— in the case of an appointment for a financial year beginning on or after 17 June 2016 made after the Statutory Auditors and Third Country Auditors Regulations 2017 come into force— if the company is a private company and has an audit committee, a selection procedure that complies with the requirements of section 485A(4) and (5)(a) and (b), if the company is a public company and has an audit committee, a selection procedure that complies with the requirements of subsections 489A(4) and (5)(a) and(b), ... if the company is a private company and does not have an audit committee, a selection procedure that complies with the requirements of section 485B(4), if the company is a public company and does not have an audit committee, a selection procedure that complies with the requirements of section 489B(4), in any other case, a selection procedure that substantially meets the requirements of Article 16(2) to (5) of the Audit Regulation as it had effect immediately before IP completion day, having regard to the circumstances at the time (including whether the company had an audit committee).

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Source: legislation.gov.uk · retrieved 2026-09-04