Companies Act 2014 section 1545

Restrictions with regard to fees exemption on exceptional basis

Section 1545 sets out the process by which a statutory auditor or audit firm may request an exceptional exemption from the fee limits that apply when providing non-audit services to a public-interest entity, and how the Supervisory Authority handles such requests.

• A statutory auditor or audit firm may request the Supervisory Authority for an exemption from the non-audit fee limits set out in EU Regulation 537/2014, for up to two financial years, on an exceptional basis.
• The Supervisory Authority may grant the exemption in full, grant it for a shorter period than requested, or refuse it entirely — and may seek additional information before deciding.
• Any exemption granted must be on an exceptional, case-by-case basis, and the Supervisory Authority must publish its decision on its website.
• Where an exemption request is refused, the Supervisory Authority must provide reasons for its decision to the auditor or audit firm.