SCHEDULES
SCHEDULE 10Recognised supervisory bodies
Part 3Arrangements in which recognised supervisory bodies are required to participate
F1Arrangements for independent monitoring of third country audits
23A
1
The arrangements referred to in paragraph 13(1)(ba) are appropriate arrangements—
a
for enabling the performance by members of the body of third country audit functions 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
Those arrangements must provide that the body performing the inspections—
a
may decide that an inspection referred to in sub-paragraph (1) is not required, or that part of an inspection is not required, in relation to a member, and
b
may direct that the arrangements referred to in sub-paragraph (3) apply in relation to the member or apply to such extent as may be specified in the direction.
3
The supervisory body must have adequate arrangements for enabling the performance by its members of third country audit functions to be monitored by means of inspections for cases where a direction is given under sub-paragraph (2)(b).
4
In this paragraph “third country audit function” means any function related to the audit of a UK-traded non-EEA company.
Sch. 10 para. 23A inserted (1.10.2011 with application in accordance with reg. 1(6)) by The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011 (S.I. 2011/1856), reg. 5(4)