SCHEDULE 11 Recognition of Supervisory Body
Part 3Arrangements in which supervisory bodies are required to participate
Arrangements for independent monitoring of audits of listed and other major companies
19
(1)
The arrangements referred to in paragraph 10A(1) are appropriate funded arrangements—
(a)
for enabling the performance by members of the body of company audit functions in respect of major audits to be monitored by means of inspections carried out under the arrangements, and
(b)
for ensuring that the carrying out of such monitoring and inspections is done independently of the body.
(2)
In this paragraph—
“company audit function” means any function performed as a company auditor;
“major audit” means an audit conducted in respect of—
(a)
a company any of whose securities have been admitted to the official list (within the meaning of Part 6 of the Financial Services and Markets Act 2000), or
(b)
any other company in whose financial condition there is a major public interest.