Companies Act 2014 section 1272

Application of section 362 to an ULC and obligation on other unlimited companies to have their financial statements audited

Section 1272 deals with audit requirements for unlimited companies, applying restrictions on audit exemption to unlimited companies (ULCs) and requiring both public unlimited companies (PUCs) and public unlimited companies with share capital (PULCs) to have their statutory financial statements audited.

• The audit exemption restrictions that apply to certain categories of companies and their subsidiary undertakings under section 362 also apply to unlimited companies (ULCs).
• Directors of a public unlimited company (PUC) must arrange for the company's statutory financial statements to be audited by statutory auditors each financial year.
• Directors of a public unlimited company with share capital (PULC) must similarly arrange for the company's statutory financial statements to be audited by statutory auditors each financial year.
• The obligation to appoint statutory auditors rests with the directors of the PUC or PULC, not with the members or any other party.

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