PART 4Amendment of retained direct EU legislation
Amendment of Regulation 537/201480
In Article 5 (prohibition of the provision of non-audit services)—
a
in paragraph 1, in the first subparagraph—
i
omit “or an audit firm”;
ii
omit “or the audit firm”;
iii
for “audited entity” substitute “audited person”;
iv
after “parent undertaking” insert “(incorporated or formed in any part of the United Kingdom)”;
v
for “controlled undertakings” substitute “subsidiary undertakings”;
vi
omit “within the Union”;
vii
in point (a), for “period audited” substitute “financial year of the accounts to be audited”;
viii
in point (b), for “the period referred to in point (a)” substitute “that period”;
b
in paragraph 1, in the second subparagraph—
i
in point (a)(iv), omit “or the audit firm”;
ii
in point (a)(v), omit “or the audit firm”;
iii
in point (b), for “audited entity” substitute “audited person”;
iv
in point (c), for “financial statements” substitute “accounts”;
v
in point (g)(ii), for “audited entity” substitute “audited person”;
vi
in point (h), for “audited entity’s” substitute “audited person’s”;
vii
in point (i)—
aa
for “audited entity” in both places substitute “audited person”;
bb
for “financial statements” substitute “accounts”;
viii
in point (j), for “audited entity” substitute “audited person”;
ix
in point (k)(i), for “financial statements” substitute “the accounts”;
c
omit paragraph 2;
d
in paragraph 4, in the first subparagraph—
i
omit “or an audit firm”;
ii
omit “or the audit firm”;
iii
for “audited entity” substitute “audited person”;
iv
after “parent undertaking” insert “(incorporated or formed in any part of the United Kingdom)”;
v
for “controlled undertakings” substitute “subsidiary undertakings”;
vi
for “Article 22b of Directive 2006/43/EC” substitute “paragraph 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016”;
e
in paragraph 4, omit the second subparagraph;
f
omit paragraph 5.