452. Subsidiary Companies: Conditions For Exemption From Audit
(1) A company is exempt from the requirements of these Regulations relating to the audit of individual accounts for a financial year if–
(a) it is itself a subsidiary undertaking, and
(b) its parent undertaking is established under the law of the Abu Dhabi Global Market.
(2) Exemption is conditional upon compliance with all of the following conditions–
(a) all members of the company must agree to the exemption in respect of the financial year in question,
(b) the parent undertaking must give a guarantee under section 454 (parent undertaking declaration of guarantee) in respect of that year,
(c) the company must be included in the consolidated accounts drawn up for that year or to an earlier date in that year by the parent undertaking in accordance with international accounting standards,
(d) the parent undertaking must disclose in the notes to the consolidated accounts that the company is exempt from the requirements of these Regulations relating to the audit of individual accounts by virtue of this section, and
(e) the directors of the company must deliver to the Registrar on or before the date that they file the accounts for that year–
(i) a written notice of the agreement referred to in subsection (2)(a),
(ii) the statement referred to in section 454(1),
(iii) a copy of the consolidated accounts referred to in subsection (2)(c),
(iv) a copy of the auditor’s report on those accounts, and
(v) a copy of the consolidated annual report drawn up by the parent undertaking.