Auditors: appointment
This note details the requirements for the appointment and remuneration of a company's auditors in the UK under the Companies Act 2006 (CA 2006). It outlines the procedures for appointing an auditor in a private company, a public company, and a public interest entity (PIE). This note examines the eligibility requirements for auditors and the process for fixing remuneration, the different rules for appointment by directors or shareholders, the conditions for deemed re-appointment in private companies, and the default powers of the Secretary of State when a company fails to make an appointment. For PIEs, it addresses the additional, more stringent requirements concerning the audit committee's role, mandatory competitive audit tenders, and restrictions on maximum engagement periods for auditors.
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