Companies Act 2014 section 1481

Appeals against withdrawal of approval

Section 1481 sets out the right of a statutory auditor or audit firm to appeal to the High Court against the withdrawal of their approval by a recognised accountancy body, and the procedures and conditions governing such an appeal.

• A statutory auditor or audit firm whose approval is withdrawn may appeal to the High Court, but only after exhausting the recognised accountancy body's internal appeal procedures first.
• The appeal must be filed within one month of either the date of the withdrawal or the date the withdrawal was confirmed following completion of internal appeal procedures.
• The High Court may cancel or confirm the withdrawal, and may consider new evidence or arguments not previously presented if there are cogent reasons for the earlier omission and it is just and equitable to do so.
• Once the appeal concludes, the recognised accountancy body must notify the same persons about the outcome as it would for the original withdrawal of approval.