449. Small companies: conditions for exemption from audit

(1) A company that qualifies as a small company in relation to a financial year is exempt from the requirements of these Regulations relating to the audit of accounts for that year.

For the purposes of this section whether a company qualifies as a small company shall be determined in accordance with section 369 (companies qualifying as small).
(2) This section has effect subject to—

section 447 (2) and (3) (requirements as to statements to be contained in balance sheet),

section 448 (right of members to require audit),

section 450 (companies excluded from small companies exemption), and

section 451 (availability of small companies exemption in case of group company).