'(1) This section applies where, in accordance with section [companies exempt from audit] a company appoints a reporting accountant to prepare a report in respect of its accounts for any year.
(2) The regulator may require the company to—
(a) cause a qualified auditor to audit its accounts and balance sheet for that year, and
(b) send a copy of the report to the regulator by a specified date.
(3) A requirement may not be imposed before the end of the financial year to which it relates.
(4) "Qualified auditor", in relation to a company, means a person who—
(a) is eligible for appointment as a statutory auditor of the company under Part 42 of the Companies Act 2006 (statutory auditors), and
(b) is not prohibited from acting as statutory auditor of the company by virtue of section 1214 of that Act (independence requirement).'.
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