Companies Act 2014 section 1118

Statutory auditors' report on revised financial statements and revised report

Section 1118 applies the rules governing statutory auditors' reports on revised financial statements and revised directors' reports to Public Limited Companies (PLCs), with a minor modification removing the reference to the audit exemption provision.

• The general rules in Section 370 regarding auditors' reports on revised financial statements apply to PLCs.
• The reference to the audit exemption in Section 371 is removed for PLCs, since PLCs cannot avail of audit exemption.
• The subsection (3) safeguard within Section 370 continues to apply to PLCs without change.
• This ensures PLCs are subject to the same revised financial statements auditing requirements as other companies, adjusted only where necessary.