Companies Act 2006

Duties U.K.

1242 Duties of registered third country auditors U.K.

(1) A registered third country auditor [F1 who audits the accounts of a [F2 UK-traded third country company]] must participate in—

(a) arrangements within paragraph 1 of Schedule 12 (arrangements for independent monitoring of audits F3 . . . ), and

(b) arrangements within paragraph 2 of that Schedule (arrangements for independent investigation for disciplinary purposes F4 ...).

(2) A registered third country auditor must—

(a) take such steps as may be reasonably required of it to enable its performance of [F5 audits of accounts of [F6 UK-traded third country companies]] to be monitored by means of inspections carried out under the arrangements mentioned in subsection (1)(a), and

(b) comply with any decision as to disciplinary action to be taken against it made under the arrangements mentioned in subsection (1)(b).

(3) Schedule 12 makes further provision with respect to the arrangements in which registered third country auditors are required to participate.

(4) The Secretary of State may direct in writing that subsections (1) to (3) are not to apply, in whole or in part, in relation to

[F7 (a)] a particular registered third country auditor or class of registered third country auditors.

[F8 (b) audits of the accounts of a particular [F9 UK-traded third country company] or class of [F10 UK-traded third country companies];

(c) audits by a particular registered third country auditor or class of registered third country auditors of the accounts of a particular [F11 UK-traded third country company] or class of [F12 UK-traded third country companies].]

Textual Amendments

F1 Words in s. 1242(1) inserted (29.6.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 32(2)(a) (as amended by S.I. 2008/499, reg. 2)

F2 Words in s. 1242(1) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 16(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in s. 1242(1)(a) omitted (29.6.2008) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 32(2)(b) (as amended by S.I. 2008/499, reg. 2)

F4 Words in s. 1242(1)(b) omitted (1.10.2013) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2013 (S.I. 2013/1672), regs. 3, 14

F5 Words in s. 1242(2)(a) substituted (29.6.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 32(3) (as amended by S.I. 2008/499, reg. 2)

F6 Words in s. 1242(2)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 16(b); 2020 c. 1, Sch. 5 para. 1(1)

F7 Letter in s. 1242(4) inserted (1.9.2011 with application in accordance with reg. 1(5)) by The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011 (S.I. 2011/1856), reg. 4(a)

F8 S. 1242(4)(b)(c) inserted (1.9.2011with application in accordance with reg. 1(5)) by The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011 (S.I. 2011/1856), reg. 4(b)

F9 Words in s. 1242(4)(b) substituted (31.12.2020) by S.I. 2019/177, reg. 16(c)(i) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)

F10 Words in s. 1242(4)(b) substituted (31.12.2020) by S.I. 2019/177, reg. 16(c)(ii) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)

F11 Words in s. 1242(4)(c) substituted (31.12.2020) by S.I. 2019/177, reg. 16(d)(i) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)

F12 Words in s. 1242(4)(c) substituted (31.12.2020) by S.I. 2019/177, reg. 16(d)(ii) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)