Companies Act 2014 section 1491

Independence, objectivity and professional scepticism

Section 1491 establishes that statutory auditors and audit firms must comply with the requirements for independence, objectivity and professional scepticism set out elsewhere in the Companies Act 2014.

• Statutory auditors and audit firms are bound by specific independence, objectivity and professional scepticism requirements.
• The detailed rules governing these requirements are contained in sections 1533 to 1544 and section 1547 of the Companies Act 2014.
• These rules cover general independence obligations, restrictions on fees, and a moratorium on auditors taking up certain positions in audited entities.
• The requirements apply equally to individual statutory auditors and to audit firms carrying out statutory audit work.