Companies Act 2014 section 1549

Rotation - reports by statutory auditor and audit firm in case of public-interest entities

Section 1549 deals with the procedure to be followed when there is uncertainty about the start date of consecutive statutory audits of a public-interest entity, and how the Supervisory Authority resolves that uncertainty.

• Where a statutory auditor or audit firm is uncertain when their consecutive audits of a public-interest entity began — for example, due to firm mergers, acquisitions, or ownership changes — they must immediately report this uncertainty to the Supervisory Authority in the prescribed form and manner.
• On receiving such a report, the Supervisory Authority may either determine the relevant start date or request additional information before doing so.
• If additional information is needed, the Supervisory Authority must notify the auditor, audit firm, or public-interest entity within two weeks of receiving the report, setting out exactly what further information is required.
• Once the additional information has been received, the Supervisory Authority must determine the relevant start date and provide reasons for its decision to both the auditor or audit firm and the public-interest entity.

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