488. Statement by auditor to be deposited with company

(1) Where an auditor of a company ceases for any reason to hold office, he must deposit at the company's registered office a statement of the circumstances connected with his ceasing to hold office, unless he considers that there are no circumstances in connection with his ceasing to hold office that need to be brought to the attention of members or creditors of the company.
(2) If he considers that there are no circumstances in connection with his ceasing to hold office that need to be brought to the attention of members or creditors of the company, he must deposit at the company's registered office a statement to that effect.
(3) The statement required by this section must be deposited—
(a) in the case of resignation, along with the notice of resignation,
(b) in the case of failure to seek re-appointment, not less than 14 days before the end of the time allowed for next appointing an auditor,
(c) in any other case, not later than the end of the period of 14 days beginning with the date on which he ceases to hold office.
(4) A person ceasing to hold office as auditor who fails to comply with this section commits a contravention of these Regulations.
(5) A person does not commit the contravention referred to in subsection (4) if he shows that he took all reasonable steps and exercised all due diligence to avoid the commission of the contravention.
(6) A person who commits the contravention referred to in subsection (4) shall be liable to a fine of up to level 4.
(7) Where a contravention under this section is committed by a body corporate, every officer of the body who is in default also commits the contravention.

For this purpose—
(a) any person who purports to act as director, manager or secretary of the body is treated as an officer of the body, and
(b) if the body is a company, any shadow director is treated as an officer of the company.