Companies Act 2014 section 1117

Obligation for a PLC's statutory financial statements to be audited

Section 1117 requires the directors of a public limited company (PLC) to ensure that the company's statutory financial statements are audited each year by statutory auditors.

• Directors of a PLC have a legal obligation to arrange an audit of the company's statutory financial statements.
• The audit must be carried out for each financial year.
• The audit must be performed by statutory auditors.
• There is no audit exemption available to PLCs — the requirement is mandatory.