Companies Act 2014 section 1612

Organisation of work of statutory auditors and audit firms – assurance files

Section 1612 sets out the record-keeping and file management obligations that statutory auditors and audit firms must follow when carrying out assurance engagements on sustainability reporting.

• A client account record must be maintained for each assurance client, including the client's name, address, place of business, the key sustainability partner (for audit firms), and a breakdown of fees for sustainability assurance and other services in each financial year.
• An assurance file must be created for each engagement and closed no later than 60 days after the assurance report is signed.
• All independence-related data, supporting documents, compliance evidence, and written complaints about sustainability assurance work must be documented and retained.
• Where the same statutory auditor carries out both the financial statements audit and the sustainability reporting assurance for a company, the assurance file may be combined with the main audit file.