The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2018

Amendment of the Statutory Auditors and Third Country Auditors Regulations 2016

74.  In Schedule 1 (requirements for professional ethics, independence, objectivity, confidentiality, auditing standards and audit reporting)—

(a) in paragraph 8(1)(d)—

(i) after “approved” insert “as eligible for appointment”;

(ii) omit “in the Member State where the statutory audit is required to be carried out”;

(b) in paragraph 10(1)(g)(ii)—

(i) omit “either”;

(ii) omit “or holds a corresponding qualification to audit accounts under the law of an EEA State, or part of an EEA State, other than the United Kingdom”;

(c) in paragraph 15—

(i) in sub-paragraph (1)(c)(i), omit “, EEA auditors”;

(ii) in sub-paragraph (1)(e)(i), omit “, EEA auditor” in both places;

(iii) in sub-paragraph (2)(a), omit “, EEA auditors”;

(d) in paragraph 16(2), for paragraph (a) substitute—

“(a) the documents and information referred to, as appropriate, in—

(i) articles 4(3), 6, 7, 8(4) to (7), 10, 11, 14 and 16(3) of the Audit Regulation,

(ii) any rules made under section 340 of the Financial Services and Markets Act 2000(1),

(iii) the Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001(2),

(iv) sections 485A to 485C, 489A to 489C and 494ZA of the Companies Act 2006(3),

(v) paragraphs 3B to 3E of Schedule 11 to the Building Societies Act 1986(4),

(vi) paragraphs 2 to 5 of Schedule 14A to the Friendly Societies Act 1992(5),

(vii) sections 485A to 485C and 494ZA of the Companies Act, as applied to—

(aa) limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008(6) (see in particular regulation 36 and 38A), or

(bb) insurance undertakings by the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008(7) (see in particular regulation 6(1A)) (“insurance undertaking” has the meaning given by regulation 2 of those Regulations),”.

(1)

2000 c. 8.

(2)

S.I. 2001/2587.

(3)

2006 c. 46. Sections 485A and 485B were inserted by paragraph 4 of Schedule 3 to S.I. 2016/649 and amended by regulation 12(2)(a) to (d), and (3)(a) and (b) respectively, of S.I. 2017/516. Section 485C was inserted by regulation 12(4) of S.I. 2017/516. Sections 489A and 489B were inserted by paragraph 8 of Schedule 3 to S.I. 2016/649 and amended by regulation 12(8)(a) to (d), and (9)(a) and (b) respectively, of S.I. 2017/516. Section 489C was inserted by regulation 12(10) of S.I. 2017/516. Section 494ZA was inserted by regulation 12(14) of S.I. 2017/516 and amended by paragraph 20 of Schedule to S.I. 2017/1164.

(4)

1986 c. 53. Paragraphs 3B and 3C of Schedule 11 were inserted by paragraph 8(a) of Schedule 4 to S.I. 2016/649 and amended by regulation 2(6)(b)(i) to (v) of S.I. 2017/516. Paragraphs 3D and 3E of Schedule 11 were inserted by regulation 2(6)(d) of S.I. 2017/516. Paragraph 3DA of Schedule 11 was inserted by paragraph 3 of Schedule 1 to S.I. 2017/1164.

(5)

1992 c. 40. Schedule 14A was inserted by regulation 1 of S.I. 2017/516. Paragraph 4A of Schedule 14A was inserted by paragraph 6 of Schedule 1 to S.I. 2017/1164.

(6)

S.I. 2008/1911.

(7)

S.I. 2008/565.