447. Requirement for audited accounts and public interest entities and financial institutions

(1) An LLP's annual accounts for a financial year must be audited in accordance with this Part unless the LLP is exempt from audit under —

section 449 (small LLPs),

section 452 (subsidiary LLPs), or

section 455 (dormant LLPs).
(2) An LLP is not entitled to any such exemption unless its balance sheet contains a statement by the members to that effect.
(3) An LLP is not entitled to exemption under any of the provisions mentioned in subsection (1) unless its balance sheet contains a statement by the members to the effect that —
(a) the members have not required the LLP to obtain an audit of its accounts for the year in question in accordance with section 448 (right of members to require audit), and
(b) the members acknowledge their responsibilities for complying with the requirements of the Companies Regulations with respect to accounting records and the preparation of accounts.
(4) The statement required by subsection (2) or (3) must appear on the balance sheet above the signature required by section 399 (approval and signing of accounts).
(5) In this Part, "public interest entity" and "financial institution" shall have the meaning given to them in section 372 (public interest entities and financial institutions).