Regulation 34 Exemption from audit: small LLPs
Sections 477 to 479 [Sections 477(2) and 479(2) were amended by regulation 5 of S.I. 2008/393, and section 478 was amended by regulation 3(5) of S.I. 2007/2932.] apply to LLPs, modified so that they read as follows -
"477. Small LLPs: conditions for exemption from audit
(1) An LLP that qualifies as a small LLP in relation to a financial year is exempt from the requirements of this Act relating to the audit of accounts for that year.
(2) [deleted]
(3) [deleted]
(4) For the purposes of this section -
(a) whether an LLP qualifies as a small LLP shall be determined in accordance with section 382(1) to (6)
(b) [deleted]
(5) This section has effect subject to -
section 475(2) and (3) (requirements as to statements to be contained in balance sheet),
section 478 (LLPs excluded from small LLPs exemption), and
section 479 (availability of small LLPs exemption in case of group LLP).
478. LLPs excluded from small LLPs exemption
An LLP is not entitled to the exemption conferred by section 477 (small LLPs) if it was at any time within the financial year in question -