UK: an auditor's ceasing to hold office and section 519 of the Companies Act (2006)

Under Section 519 of the Companies Act (2006), an auditor ceasing to hold office in respect of a quoted company is required to deposit at the company's registered office a statement of the circumstances connected with his ceasing to hold office. An illustration of such a 'statement of circumstances' is provided in connection with KPMG Audit plc's decision not to seek reappointment as auditor for TUI Travel plc. The statement, published at the end of December and available here (pdf), explains how the auditor's relationship with some of the company's directors became "increasingly strained".