Companies Act 2014 section 370

Statutory auditors' report on revised financial statements and revised report

Section 370 sets out the requirements for statutory auditors to report on revised financial statements and revised directors' reports, including who may prepare the report, what it must contain, and its effect once signed.

• The company's current statutory auditors must report on revised financial statements, though in certain cases the previous auditors who reported on the originals may do so instead, provided they agree and remain qualified.
• The auditors' report must state whether the revised financial statements have been properly prepared under the relevant financial reporting framework and give a true and fair view as at the date the original statements were approved by the directors.
• The report must also confirm whether the original financial statements failed to comply with the Act or IAS Regulation in the respects identified by the directors, and whether the directors' report is consistent with the revised financial statements.
• Once the report on the revised financial statements is signed, it formally replaces the auditors' report on the original financial statements from the date of signature.