Companies Act 2014 section 1275

Application of section 392 to a PULC

Section 1275 adapts the auditor's reporting obligations under section 392 (reporting to the Registrar and the Corporate Enforcement Authority regarding accounting records) so that they work properly for a public unlimited company (PULC), which does not have share capital.

• Section 392 requires statutory auditors to report concerns about accounting records to the Registrar and the Corporate Enforcement Authority.
• Section 1275 applies those same reporting obligations to a PULC.
• Because a PULC has no share capital, the term "its shareholders" in section 392(6) is replaced with "its members".
• This is a straightforward terminology adjustment to reflect the ownership structure of a PULC, with no change to the substance of the auditor's reporting duties.