http://www.legislation.gov.uk/eudr/2006/43/chapter/II/2014-06-16Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (Text with EEA relevance)Directive 2006/43/EC of the European Parliament and of the CouncilDirective 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (Text with EEA relevance)2020-12-11King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02006L0043-20140616texttext/xmlen2014-06-16 CHAPTER II APPROVAL, CONTINUING EDUCATION AND MUTUAL RECOGNITION Approval of statutory auditors and audit firms Article 3 1 A statutory audit shall be carried out only by statutory auditors or audit firms which are approved by the Member State requiring the statutory audit. 2 Each Member State shall designate the competent authority to be responsible for approving statutory auditors and audit firms. . . . . . 3 Without prejudice to Article 11, the competent authorities of the Member States may approve as statutory auditors only natural persons who satisfy at least the conditions laid down in Articles 4 and 6 to 10. 4 The competent authorities of the Member States may approve as audit firms only those entities which satisfy the following conditions: a the natural persons who carry out statutory audits on behalf of an audit firm must satisfy at least the conditions imposed by Articles 4 and 6 to 12 and must be approved as statutory auditors in the Member State concerned; b a majority of the voting rights in an entity must be held by audit firms which are approved in any Member State or by natural persons who satisfy at least the conditions imposed by Articles 4 and 6 to 12. Member States may provide that such natural persons must also have been approved in another Member State. For the purpose of the statutory audit of cooperatives, savings banks and similar entities as referred to in Article 45 of Directive 86/635/EEC, a subsidiary or legal successor of a cooperative, savings bank or similar entity as referred to in Article 45 of Directive 86/635/EEC, Member States may lay down other specific provisions in relation to voting rights; c a majority — up to a maximum of 75 % — of the members of the administrative or management body of the entity must be audit firms which are approved in any Member State or natural persons who satisfy at least the conditions imposed by Articles 4 and 6 to 12. Member States may provide that such natural persons must also have been approved in another Member State. Where such a body has no more than two members, one of those members must satisfy at least the conditions in this point; d the firm must satisfy the condition imposed by Article 4. Member States may set additional conditions only in relation to point (c). Such conditions shall be proportionate to the objectives pursued and shall not go beyond what is strictly necessary. <Addition ChangeId="O003001M014" CommentaryRef="c000001">Recognition of audit firms</Addition> Article 3a 1 By way of derogation from Article 3(1), an audit firm which is approved in a Member State shall be entitled to perform statutory audits in another Member State provided that the key audit partner who carries out the statutory audit on behalf of the audit firm complies with point (a) of Article 3(4) in the host Member State. 2 An audit firm that wishes to carry out statutory audits in a Member State other than its home Member State shall register with the competent authority in the host Member State in accordance with Articles 15 and 17. 3 The competent authority in the host Member State shall register the audit firm if it is satisfied that the audit firm is registered with the competent authority in the home Member State. Where the host Member State intends to rely on a certificate attesting to the registration of the audit firm in the home Member State, the competent authority in the host Member State may require that the certificate issued by the competent authority in the home Member State be not more than three months old. The competent authority in the host Member State shall inform the competent authority in the home Member State of the registration of the audit firm. Good repute Article 4 The competent authorities of a Member State may grant approval only to natural persons or firms of good repute. Withdrawal of approval Article 5 1 Approval of a statutory auditor or an audit firm shall be withdrawn if the good repute of that person or firm has been seriously compromised. Member States may, however, provide for a reasonable period of time for the purpose of meeting the requirements of good repute. 2 Approval of an audit firm shall be withdrawn if any of the conditions imposed in Article 3(4), points (b) and (c) is no longer fulfilled. Member States may, however, provide for a reasonable period of time for the purpose of fulfilling those conditions. 3 Where the approval of a statutory auditor or of an audit firm is withdrawn for any reason, the competent authority of the home Member State where the approval is withdrawn shall communicate that fact and the reasons for the withdrawal to the relevant competent authorities of host Member States where the statutory auditor or the audit firm is also registered in accordance with Article 3a, point (c) of Article 16(1) and point (i) of Article 17(1). Educational qualifications Article 6 Without prejudice to Article 11, a natural person may be approved to carry out a statutory audit only after having attained university entrance or equivalent level, then completed a course of theoretical instruction, undergone practical training and passed an examination of professional competence of university final or equivalent examination level, organised or recognised by the Member State concerned. The competent authorities referred to in Article 32 shall cooperate with each other with a view to achieving a convergence of the requirements set out in this Article. When engaging in such cooperation, those competent authorities shall take into account developments in auditing and in the audit profession and, in particular, convergence that has already been achieved by the profession. They shall cooperate with the Committee of European Auditing Oversight Bodies (CEAOB) and the competent authorities referred to in Article 20 of Regulation (EU) No 537/2014 in so far as such convergence relates to the statutory audit of public-interest entities. Examination of professional competence Article 7 The examination of professional competence referred to in Article 6 shall guarantee the necessary level of theoretical knowledge of subjects relevant to statutory audit and the ability to apply such knowledge in practice. Part at least of that examination shall be written. Test of theoretical knowledge Article 8 1 The test of theoretical knowledge included in the examination shall cover the following subjects in particular: a general accounting theory and principles; b legal requirements and standards relating to the preparation of annual and consolidated accounts; c international accounting standards; d financial analysis; e cost and management accounting; f risk management and internal control; g auditing and professional skills; h legal requirements and professional standards relating to statutory audit and statutory auditors; i international auditing standards as referred to in Article 26; j professional ethics and independence. 2 It shall also cover at least the following subjects insofar as they are relevant to auditing: a company law and corporate governance; b the law of insolvency and similar procedures; c tax law; d civil and commercial law; e social security law and employment law; f information technology and computer systems; g business, general and financial economics; h mathematics and statistics; i basic principles of the financial management of undertakings. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exemptions Article 9 1 By way of derogation from Articles 7 and 8, a Member State may provide that a person who has passed a university or equivalent examination or holds a university degree or equivalent qualification in one or more of the subjects referred to in Article 8 may be exempted from the test of theoretical knowledge in the subjects covered by that examination or degree. 2 By way of derogation from Article 7, a Member State may provide that a holder of a university degree or equivalent qualification in one or more of the subjects referred to in Article 8 may be exempted from the test of the ability to apply in practice his or her theoretical knowledge of such subjects if he or she has received practical training in those subjects attested by an examination or diploma recognised by the State. Practical training Article 10 1 In order to ensure the ability to apply theoretical knowledge in practice, a test of which is included in the examination, a trainee shall complete a minimum of three years' practical training in, inter alia, the auditing of annual financial statements, consolidated financial statements or similar financial statements. At least two thirds of such practical training shall be completed with a statutory auditor or an audit firm approved in any Member State. 2 Member States shall ensure that all training is carried out with persons providing adequate guarantees regarding their ability to provide practical training. Qualification through long-term practical experience Article 11 A Member State may approve a person who does not satisfy the conditions laid down in Article 6 as a statutory auditor, if he or she can show either: that he or she has, for 15 years, engaged in professional activities which have enabled him or her to acquire sufficient experience in the fields of finance, law and accountancy, and has passed the examination of professional competence referred to in Article 7, or that he or she has, for seven years, engaged in professional activities in those fields and has, in addition, undergone the practical training referred to in Article 10 and passed the examination of professional competence referred to in Article 7. Combination of practical training and theoretical instruction Article 12 1 Member States may provide that periods of theoretical instruction in the fields referred to in Article 8 shall count towards the periods of professional activity referred to in Article 11, provided that such instruction is attested by an examination recognised by the State. Such instruction shall not last less than one year, nor may it reduce the period of professional activity by more than four years. 2 The period of professional activity and practical training shall not be shorter than the course of theoretical instruction together with the practical training required in Article 10. <Substitution ChangeId="O003001M020" CommentaryRef="c000002">Continuing education</Substitution> Article 13 Member States shall ensure that statutory auditors are required to take part in appropriate programmes of continuing education in order to maintain their theoretical knowledge, professional skills and values at a sufficiently high level, and that failure to respect the continuing education requirements is subject to appropriate sanctions as referred to in Article 30. <Substitution ChangeId="O003001M021" CommentaryRef="c000002">Approval of statutory auditors from another Member State</Substitution> Article 14 1 The competent authorities shall establish procedures for the approval of statutory auditors who have been approved in other Member States. Those procedures shall not go beyond the requirement to complete an adaptation period as defined in point (g) of Article 3(1) of Directive 2005/36/EC of the European Parliament and of the Council or to pass an aptitude test as defined in point (h) of that provision. 2 The host Member State shall decide whether the applicant seeking approval is to be subject to an adaptation period as defined in point (g) of Article 3(1) of Directive 2005/36/EC or an aptitude test as defined in point (h) of that provision. The adaptation period shall not exceed three years and the applicant shall be subject to an assessment. The aptitude test shall be conducted in one of the languages permitted by the language rules applicable in the host Member State concerned. It shall cover only the statutory auditor's adequate knowledge of the laws and regulations of that host Member State in so far as it is relevant to statutory audits. 3 The competent authorities shall cooperate within the framework of the CEAOB with a view to achieving a convergence of the requirements of the adaptation period and the aptitude test. They shall enhance the transparency and predictability of the requirements. They shall cooperate with the CEAOB and with the competent authorities referred to in Article 20 of Regulation (EU) No 537/2014 in so far as such convergence relates to statutory audits of public-interest entities. Directive 2005/36/EC of the European Parliament and of the Council of 7 September 2005 on the recognition of professional qualifications ( OJ L 255, 30.9.2005, p. 22 ). Inserted by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance). Substituted by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance). Deleted by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance).
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<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/3a/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/3a/2" id="article-3a-2">
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<Addition ChangeId="O003001M014" CommentaryRef="c000001">2</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="O003001M014" CommentaryRef="c000001">An audit firm that wishes to carry out statutory audits in a Member State other than its home Member State shall register with the competent authority in the host Member State in accordance with Articles 15 and 17.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/3a/3/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/3a/3" id="article-3a-3">
<Pnumber PuncBefore="" PuncAfter=".">
<Addition ChangeId="O003001M014" CommentaryRef="c000001">3</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="O003001M014" CommentaryRef="c000001">The competent authority in the host Member State shall register the audit firm if it is satisfied that the audit firm is registered with the competent authority in the home Member State. Where the host Member State intends to rely on a certificate attesting to the registration of the audit firm in the home Member State, the competent authority in the host Member State may require that the certificate issued by the competent authority in the home Member State be not more than three months old. The competent authority in the host Member State shall inform the competent authority in the home Member State of the registration of the audit firm.</Addition>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2006-05-17" RestrictExtent="E+W+S+N.I.">
<Title>Good repute</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/4/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/4" id="article-4">
<Pnumber>Article 4</Pnumber>
<P1para>
<Text>The competent authorities of a Member State may grant approval only to natural persons or firms of good repute.</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-06-16" RestrictExtent="E+W+S+N.I.">
<Title>Withdrawal of approval</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/5/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/5" id="article-5">
<Pnumber>Article 5</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/5/1/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/5/1" id="article-5-1">
<Pnumber PuncBefore="" PuncAfter=".">1</Pnumber>
<P2para>
<Text>Approval of a statutory auditor or an audit firm shall be withdrawn if the good repute of that person or firm has been seriously compromised. Member States may, however, provide for a reasonable period of time for the purpose of meeting the requirements of good repute.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/5/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/5/2" id="article-5-2">
<Pnumber PuncBefore="" PuncAfter=".">2</Pnumber>
<P2para>
<Text>Approval of an audit firm shall be withdrawn if any of the conditions imposed in Article 3(4), points (b) and (c) is no longer fulfilled. Member States may, however, provide for a reasonable period of time for the purpose of fulfilling those conditions.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/5/3/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/5/3" id="article-5-3">
<Pnumber PuncBefore="" PuncAfter=".">
<Substitution ChangeId="O003001M015" CommentaryRef="c000002">3</Substitution>
</Pnumber>
<P2para>
<Text>
<Substitution ChangeId="O003001M015" CommentaryRef="c000002">Where the approval of a statutory auditor or of an audit firm is withdrawn for any reason, the competent authority of the home Member State where the approval is withdrawn shall communicate that fact and the reasons for the withdrawal to the relevant competent authorities of host Member States where the statutory auditor or the audit firm is also registered in accordance with Article 3a, point (c) of Article 16(1) and point (i) of Article 17(1).</Substitution>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-06-16" RestrictExtent="E+W+S+N.I.">
<Title>Educational qualifications</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/6/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/6" id="article-6">
<Pnumber>Article 6</Pnumber>
<P1para>
<Text>Without prejudice to Article 11, a natural person may be approved to carry out a statutory audit only after having attained university entrance or equivalent level, then completed a course of theoretical instruction, undergone practical training and passed an examination of professional competence of university final or equivalent examination level, organised or recognised by the Member State concerned.</Text>
</P1para>
<P1para>
<Text>
<Addition ChangeId="O003001M016" CommentaryRef="c000001">The competent authorities referred to in Article 32 shall cooperate with each other with a view to achieving a convergence of the requirements set out in this Article. When engaging in such cooperation, those competent authorities shall take into account developments in auditing and in the audit profession and, in particular, convergence that has already been achieved by the profession. They shall cooperate with the Committee of European Auditing Oversight Bodies (CEAOB) and the competent authorities referred to in Article 20 of Regulation (EU) No 537/2014 in so far as such convergence relates to the statutory audit of public-interest entities.</Addition>
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2006-05-17" RestrictExtent="E+W+S+N.I.">
<Title>Examination of professional competence</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/7/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/7" id="article-7">
<Pnumber>Article 7</Pnumber>
<P1para>
<Text>The examination of professional competence referred to in Article 6 shall guarantee the necessary level of theoretical knowledge of subjects relevant to statutory audit and the ability to apply such knowledge in practice. Part at least of that examination shall be written.</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-06-16" RestrictExtent="E+W+S+N.I.">
<Title>Test of theoretical knowledge</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/8/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/8" id="article-8">
<Pnumber>Article 8</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/8/1/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/8/1" id="article-8-1">
<Pnumber PuncBefore="" PuncAfter=".">1</Pnumber>
<P2para>
<Text>The test of theoretical knowledge included in the examination shall cover the following subjects in particular:</Text>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">a</Pnumber>
<P3para>
<Text>general accounting theory and principles;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">b</Pnumber>
<P3para>
<Text>legal requirements and standards relating to the preparation of annual and consolidated accounts;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">c</Pnumber>
<P3para>
<Text>international accounting standards;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">d</Pnumber>
<P3para>
<Text>financial analysis;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">e</Pnumber>
<P3para>
<Text>cost and management accounting;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">f</Pnumber>
<P3para>
<Text>risk management and internal control;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">g</Pnumber>
<P3para>
<Text>auditing and professional skills;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">h</Pnumber>
<P3para>
<Text>legal requirements and professional standards relating to statutory audit and statutory auditors;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">
<Substitution ChangeId="O003001M017" CommentaryRef="c000002">i</Substitution>
</Pnumber>
<P3para>
<Text>
<Substitution ChangeId="O003001M017" CommentaryRef="c000002">international auditing standards as referred to in Article 26;</Substitution>
</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">j</Pnumber>
<P3para>
<Text>professional ethics and independence.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/8/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/8/2" id="article-8-2">
<Pnumber PuncBefore="" PuncAfter=".">2</Pnumber>
<P2para>
<Text>It shall also cover at least the following subjects insofar as they are relevant to auditing:</Text>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">a</Pnumber>
<P3para>
<Text>company law and corporate governance;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">b</Pnumber>
<P3para>
<Text>the law of insolvency and similar procedures;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">c</Pnumber>
<P3para>
<Text>tax law;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">d</Pnumber>
<P3para>
<Text>civil and commercial law;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">e</Pnumber>
<P3para>
<Text>social security law and employment law;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">f</Pnumber>
<P3para>
<Text>information technology and computer systems;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">g</Pnumber>
<P3para>
<Text>business, general and financial economics;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">h</Pnumber>
<P3para>
<Text>mathematics and statistics;</Text>
</P3para>
</P3>
<P3>
<Pnumber PuncBefore="(" PuncAfter=")">i</Pnumber>
<P3para>
<Text>basic principles of the financial management of undertakings.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/8/3/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/8/3" id="article-8-3">
<Pnumber PuncBefore="" PuncAfter=".">
<CommentaryRef Ref="c000003"/>
3
</Pnumber>
<P2para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2006-05-17" RestrictExtent="E+W+S+N.I.">
<Title>Exemptions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/9/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/9" id="article-9">
<Pnumber>Article 9</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/9/1/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/9/1" id="article-9-1">
<Pnumber PuncBefore="" PuncAfter=".">1</Pnumber>
<P2para>
<Text>By way of derogation from Articles 7 and 8, a Member State may provide that a person who has passed a university or equivalent examination or holds a university degree or equivalent qualification in one or more of the subjects referred to in Article 8 may be exempted from the test of theoretical knowledge in the subjects covered by that examination or degree.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/9/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/9/2" id="article-9-2">
<Pnumber PuncBefore="" PuncAfter=".">2</Pnumber>
<P2para>
<Text>By way of derogation from Article 7, a Member State may provide that a holder of a university degree or equivalent qualification in one or more of the subjects referred to in Article 8 may be exempted from the test of the ability to apply in practice his or her theoretical knowledge of such subjects if he or she has received practical training in those subjects attested by an examination or diploma recognised by the State.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-06-16" RestrictExtent="E+W+S+N.I.">
<Title>Practical training</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/10/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/10" id="article-10">
<Pnumber>Article 10</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/10/1/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/10/1" id="article-10-1">
<Pnumber PuncBefore="" PuncAfter=".">
<Substitution ChangeId="O003001M019" CommentaryRef="c000002">1</Substitution>
</Pnumber>
<P2para>
<Text>
<Substitution ChangeId="O003001M019" CommentaryRef="c000002">In order to ensure the ability to apply theoretical knowledge in practice, a test of which is included in the examination, a trainee shall complete a minimum of three years' practical training in, inter alia, the auditing of annual financial statements, consolidated financial statements or similar financial statements. At least two thirds of such practical training shall be completed with a statutory auditor or an audit firm approved in any Member State.</Substitution>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/10/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/10/2" id="article-10-2">
<Pnumber PuncBefore="" PuncAfter=".">2</Pnumber>
<P2para>
<Text>Member States shall ensure that all training is carried out with persons providing adequate guarantees regarding their ability to provide practical training.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2006-05-17" RestrictExtent="E+W+S+N.I.">
<Title>Qualification through long-term practical experience</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/11/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/11" id="article-11">
<Pnumber>Article 11</Pnumber>
<P1para>
<Text>A Member State may approve a person who does not satisfy the conditions laid down in Article 6 as a statutory auditor, if he or she can show either:</Text>
</P1para>
<P1para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="(a)">
<Para>
<Text>that he or she has, for 15 years, engaged in professional activities which have enabled him or her to acquire sufficient experience in the fields of finance, law and accountancy, and has passed the examination of professional competence referred to in Article 7, or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="(b)">
<Para>
<Text>that he or she has, for seven years, engaged in professional activities in those fields and has, in addition, undergone the practical training referred to in Article 10 and passed the examination of professional competence referred to in Article 7.</Text>
</Para>
</ListItem>
</OrderedList>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2006-05-17" RestrictExtent="E+W+S+N.I.">
<Title>Combination of practical training and theoretical instruction</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/12/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/12" id="article-12">
<Pnumber>Article 12</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/12/1/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/12/1" id="article-12-1">
<Pnumber PuncBefore="" PuncAfter=".">1</Pnumber>
<P2para>
<Text>Member States may provide that periods of theoretical instruction in the fields referred to in Article 8 shall count towards the periods of professional activity referred to in Article 11, provided that such instruction is attested by an examination recognised by the State. Such instruction shall not last less than one year, nor may it reduce the period of professional activity by more than four years.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/12/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/12/2" id="article-12-2">
<Pnumber PuncBefore="" PuncAfter=".">2</Pnumber>
<P2para>
<Text>The period of professional activity and practical training shall not be shorter than the course of theoretical instruction together with the practical training required in Article 10.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-06-16" RestrictExtent="E+W+S+N.I.">
<Title>
<Substitution ChangeId="O003001M020" CommentaryRef="c000002">Continuing education</Substitution>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/13/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/13" id="article-13">
<Pnumber>
<Substitution ChangeId="O003001M020" CommentaryRef="c000002">Article 13</Substitution>
</Pnumber>
<P1para>
<Text>
<Substitution ChangeId="O003001M020" CommentaryRef="c000002">Member States shall ensure that statutory auditors are required to take part in appropriate programmes of continuing education in order to maintain their theoretical knowledge, professional skills and values at a sufficiently high level, and that failure to respect the continuing education requirements is subject to appropriate sanctions as referred to in Article 30.</Substitution>
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-06-16" RestrictExtent="E+W+S+N.I.">
<Title>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">Approval of statutory auditors from another Member State</Substitution>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/14/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/14" id="article-14">
<Pnumber>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">Article 14</Substitution>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/14/1/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/14/1" id="article-14-1">
<Pnumber PuncBefore="" PuncAfter=".">
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">1</Substitution>
</Pnumber>
<P2para>
<Text>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">The competent authorities shall establish procedures for the approval of statutory auditors who have been approved in other Member States. Those procedures shall not go beyond the requirement to complete an adaptation period as defined in point (g) of Article 3(1) of Directive 2005/36/EC of the European Parliament and of the Council</Substitution>
<FootnoteRef Ref="f00020"/>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002"> or to pass an aptitude test as defined in point (h) of that provision.</Substitution>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/14/2/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/14/2" id="article-14-2">
<Pnumber PuncBefore="" PuncAfter=".">
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">2</Substitution>
</Pnumber>
<P2para>
<Text>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">The host Member State shall decide whether the applicant seeking approval is to be subject to an adaptation period as defined in point (g) of Article 3(1) of Directive 2005/36/EC or an aptitude test as defined in point (h) of that provision.</Substitution>
</Text>
</P2para>
<P2para>
<Text>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">The adaptation period shall not exceed three years and the applicant shall be subject to an assessment.</Substitution>
</Text>
</P2para>
<P2para>
<Text>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">The aptitude test shall be conducted in one of the languages permitted by the language rules applicable in the host Member State concerned. It shall cover only the statutory auditor's adequate knowledge of the laws and regulations of that host Member State in so far as it is relevant to statutory audits.</Substitution>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eudr/2006/43/article/14/3/2014-06-16" IdURI="http://www.legislation.gov.uk/id/eudr/2006/43/article/14/3" id="article-14-3">
<Pnumber PuncBefore="" PuncAfter=".">
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">3</Substitution>
</Pnumber>
<P2para>
<Text>
<Substitution ChangeId="O003001M021" CommentaryRef="c000002">The competent authorities shall cooperate within the framework of the CEAOB with a view to achieving a convergence of the requirements of the adaptation period and the aptitude test. They shall enhance the transparency and predictability of the requirements. They shall cooperate with the CEAOB and with the competent authorities referred to in Article 20 of Regulation (EU) No 537/2014 in so far as such convergence relates to statutory audits of public-interest entities.</Substitution>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</EUChapter>
</EUBody>
</EURetained>
<Footnotes>
<Footnote id="f00020">
<FootnoteText>
<Para>
<Text>
<Substitution ChangeId="O003001M021-f00020" CommentaryRef="c000002">Directive 2005/36/EC of the European Parliament and of the Council of </Substitution>
<Substitution ChangeId="O003001M021-f00020" CommentaryRef="c000002">7 September 2005</Substitution>
<Substitution ChangeId="O003001M021-f00020" CommentaryRef="c000002"> on the recognition of professional qualifications (</Substitution>
<Substitution ChangeId="O003001M021-f00020" CommentaryRef="c000002">
<Citation id="c00022" Class="EuropeanUnionOfficialJournal" Year="2005" URI="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2005.255.01.0022.01.ENG" Date="2005-09-30">OJ L 255, 30.9.2005, p. 22</Citation>
</Substitution>
<Substitution ChangeId="O003001M021-f00020" CommentaryRef="c000002">).</Substitution>
</Text>
</Para>
</FootnoteText>
</Footnote>
</Footnotes>
<Commentaries>
<Commentary Type="F" Source="EU" id="c000001">
<Para>
<Text>
Inserted by
<Citation Class="EuropeanUnionDirective" Year="2014" Number="56" URI="http://www.legislation.gov.uk/id/eudr/2014/56" Title="Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance)">Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary Type="F" Source="EU" id="c000002">
<Para>
<Text>
Substituted by
<Citation Class="EuropeanUnionDirective" Year="2014" Number="56" URI="http://www.legislation.gov.uk/id/eudr/2014/56" Title="Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance)">Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary Type="F" Source="EU" id="c000003">
<Para>
<Text>
Deleted by
<Citation Class="EuropeanUnionDirective" Year="2014" Number="56" URI="http://www.legislation.gov.uk/id/eudr/2014/56" Title="Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance)">Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Text with EEA relevance)</Citation>
.
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>