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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 3 October 2022 - onwards
Version 5 of 5

Regulation 34A Exemption from audit: qualifying subsidiaries

Sections 479A, 479B and 479C apply to LLPs, modified so that they read as follows -

"479A. Subsidiary LLPs: conditions for exemption from audit

(1) An LLP is exempt from the requirements of this Act relating to the audit of individual accounts for a financial year if -

(a) it is itself a subsidiary undertaking, and

(b) its parent undertaking is established under the law of any part of the United Kingdom.

(2) Exemption is conditional upon compliance with all of the following conditions -

(a) all members of the LLP must agree to the exemption in respect of the financial year in question,

(b) the parent undertaking must give a guarantee under section 479C in respect of that year,

(c) the LLP must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking in accordance with -

(i) if the undertaking is a company, the requirements of Part 15 of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or

(ii) UK-adopted international accounting standards (within the meaning given by section 474(1)),