Companies Act 2014 section 1514

Appointment of statutory auditors or audit firms by public-interest entities - informing the Supervisory Authority

Section 1514 requires statutory auditors and audit firms to notify the Supervisory Authority when they are appointed by a public-interest entity, and sets out the timeframe and circumstances in which such notification must be made.

• A statutory auditor or audit firm first appointed by a public-interest entity on or after 17 June 2016 must inform the Supervisory Authority within one month of the appointment.
• If that auditor or firm is subsequently appointed by the same or a different public-interest entity, they only need to notify the Supervisory Authority again if they held no such office with any public-interest entity immediately before the new appointment.
• The notification must be submitted in the form and manner specified by the Supervisory Authority, which may use the information in carrying out its functions.
• Failure to comply with the notification requirement is a category 3 offence.