[F14.(1)A person who has been, or will have been, auditor of the society in respect of every financial year comprised in the maximum engagement period may not be appointed as auditor of the society in respect of any financial year which begins within the period of 4 years beginning with the day after the last day of the last financial year of the maximum engagement period.U.K.
(2)A person who is a member of the same network as the auditor mentioned in sub-paragraph (1) may not be appointed as auditor of the society in respect of any financial year which begins within the period of 4 years mentioned in that sub-paragraph.
(3)In this paragraph “network” means an association of persons, other than a firm, co-operating in audit work by way of—
(a)profit-sharing;
(b)cost-sharing;
(c)common ownership, control or management;
(d)common quality control policies and procedures;
(e)common business strategy; or
(f)use of a common name.]
Textual Amendments
F1Sch. 14A inserted (with effect in accordance with reg. 1(5) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 11