Companies Act 2014 section 1515

Removal of statutory auditors or audit firms by public-interest entities - supplementary provisions

Section 1515 sets out who may apply to the High Court to remove a statutory auditor or audit firm from a public-interest entity, the grounds on which such an application may be made, and the restrictions on those grounds.

• Shareholders holding 5 per cent or more of the voting rights or share capital, or the Supervisory Authority, may apply to the High Court to remove a statutory auditor or audit firm from a public-interest entity
• The application must be supported by good and substantial grounds relating either to the auditor's conduct or to the best interests of the entity
• Disagreements over accounting treatments or audit procedures cannot, on their own, form the basis for seeking removal of the auditor
• The "best interests" ground cannot be used as a cover for illegal or improper motives, such as avoiding disclosure of the entity's breaches of the Companies Act