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Auditing of revised financial statements, etc.

Variable Capital Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance Sheet) Regulations 2020

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Section 201(8) and (9) of the Companies Act (as applied by section 100(6) of the VCC Act) applies in respect of the revised financial statements, or the revised consolidated financial statements or balance sheet, of a VCC with the following modifications:(a)the reference in section 201(8) and (9) of the Companies Act to financial statements, in relation to a company, is to —(i)in the case where the VCC is not a parent company — the revised financial statements of the VCC required to be sent under regulation 7(1)(a); or(ii)in the case where the VCC is a parent company — the revised consolidated financial statements or balance sheet of the VCC required to be sent under regulation 7(1)(a);(b)the reference in section 201(8) of the Companies Act to the financial statements being laid before the company at its annual general meeting is to the revised financial statements, or the revised consolidated financial statements or balance sheet, of the VCC being sent under regulation 7(1)(a);(c)the reference in section 201(8) of the Companies Act to the auditor’s report that is required by section 207 of the Companies Act is to the auditor’s report mentioned in regulation 10(1);(d)the requirement in section 201(9)(a) of the Companies Act for the financial statements to be audited not less than 14 days before the annual general meeting of the company, unless all the persons entitled to receive notice of general meetings of the company agree that the financial statements may be audited less than 14 days before the annual general meeting of the company, is to be read as a requirement for the revised financial statements, or the revised consolidated financial statements or balance sheet, of the VCC to be audited before being sent under regulation 7(1)(a);(e)the reference in section 201(9)(b) of the Companies Act to the auditor’s report that is furnished to the directors under section 207(1A) of that Act is to the auditor’s report provided to the directors under regulation 10(4).

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