449. Small LLPs: conditions for exemption from audit

(1) An LLP that qualifies as a small LLP in relation to a financial year is exempt from the requirements of the Companies Regulations relating to the audit of accounts for that year.

For the purposes of this section whether an LLP qualifies as a small LLP shall be determined in accordance with section 369 (LLPs qualifying as small).
(2) This section has effect subject to —

section 447(2) and (3) (requirements as to statements to be contained in balance sheet),

section 448 (right of members to require audit),

section 450 (LLPs excluded from small LLPs exemption), and

section 451 (availability of small LLPs exemption in case of group LLP).