An auditor or auditors of a private company must be appointed for each financial year of the company, unless the directors reasonably resolve otherwise on the ground that audited accounts are unlikely to be required.
The directors may appoint an auditor or auditors of the company—
at any time before the company's first period for appointing auditors,
following a period during which the company (being exempt from audit) did not have any auditor, at any time before the company's next period for appointing auditors, or
to fill a casual vacancy in the office of auditor.
The members may appoint an auditor or auditors by ordinary resolution—
during a period for appointing auditors,
if the company should have appointed an auditor or auditors during a period for appointing auditors but failed to do so, or
where the directors had power to appoint under subsection (3) but have failed to make an appointment.