http://www.legislation.gov.uk/id/ukpga/2006/46/schedule/10

SCHEDULES

C1SCHEDULE 10Recognised supervisory bodies

Annotations:

Modifications etc. (not altering text)

Sch. 10 applied (with modifications) (4.4.2014 for specified purposes, 16.12.2014 in so far as not already in force) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 5 para. 28 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e) (as amended (E.W.) (31.12.2020) by The Local Audit (England and Wales) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/504), regs. 1(2), 6(1) (with reg. 6(2)(3)); 2020 c. 1, Sch. 5 para. 1(1); and (1.12.2023) by The Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023 (S.I. 2023/1286), reg. 1, Sch. 3 para. 91(4))

Part 2Requirements for recognition of a supervisory body

Auditors to be fit and proper persons

8

1

The body must have adequate rules and practices designed to ensure that the persons eligible under its rules for appointment as a statutory auditor are fit and proper persons to be so appointed.

2

The matters which the body may take into account for this purpose in relation to a person must include—

a

any matter relating to any person who is or will be employed by or associated with him for the purposes of or in connection with statutory audit work;

b

in the case of a body corporate, any matter relating to—

i

any director or controller of the body,

ii

any other body corporate in the same group, or

iii

any director or controller of any such other body; and

c

in the case of a partnership, any matter relating to—

i

any of the partners,

ii

any director or controller of any of the partners,

iii

any body corporate in the same group as any of the partners, or

iv

any director or controller of any such other body.

3

Where the person is a limited liability partnership, in sub-paragraph (2)(b) “director” is to be read as “member”.

4

In sub-paragraph (2)(b) and (c) “controller”, in relation to a body corporate, means a person who either alone or with an associate or associates is entitled to exercise or control the exercise of 15% or more of the rights to vote on all, or substantially all, matters at general meetings of the body or another body corporate of which it is a subsidiary.