Commentary Part 4– Eligibility and Regulation of Local Auditors Paragraphs 1-4: Modifications to the Companies Act 2006
53.Paragraph 1(1) outlines the approach taken to applying the Companies Act 2006 and paragraph 1(2) provides definitions for the terms “local audit” and “local audit work” that are used throughout the Schedule. Paragraph 2(1) sets out the general modifications where references need to be substituted throughout. Paragraph 3 specifies a number of provisions to be omitted given that they are not relevant for local audit.