Section 519A(3)

In the application of this Chapter to an auditor (“A”) of a company ceasing to hold office, the following are “exempt reasons”— A is no longer to carry out statutory audit work within the meaning of Part 42 (see section 1210(1)); the company is, or is to become, exempt from audit under section 477, 479A or 480, or from the requirements of this Part under section 482, and intends to include in its balance sheet a statement of the type described in section 475(2); the company is a subsidiary undertaking of a parent undertaking that is incorporated in the United Kingdom and— the parent undertaking prepares group accounts, and A is being replaced as auditor of the company by the auditor who is conducting, or is to conduct, an audit of the group accounts; the company is being wound up under Part 4 of the Insolvency Act 1986 or Part 5 of the Insolvency (Northern Ireland) Order 1989 ( S.I. 1989/2405 (N.I. 19)), whether voluntarily or by the court, or a petition under Part 4 of that Act or Part 5 of that Order for the winding up of the company has been presented and not finally dealt with or withdrawn.

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