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Companies Act 2006

Changes over time for: Cross Heading: Professional integrity and independence

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Changes and effects yet to be applied to Schedule 10 Part 2 Crossheading Professional-integrity-and-independence:

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Professional integrity and independenceU.K.

9(1)The body must have adequate rules and practices designed to ensure that—U.K.

(a)statutory audit work is conducted properly and with integrity, F1. . .

(b)persons are not appointed as statutory auditors in circumstances in which they have an interest likely to conflict with the proper conduct of the audit.

[F2(c)persons appointed as statutory auditors take steps to safeguard their independence [F3in accordance with the standards mentioned in sub-paragraph (3A)],

(d)persons appointed as statutory auditors record [F4the matters required to be recorded in accordance with those standards.]

F5( e ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F6(1A)The body must have adequate rules and practices designed to ensure that, except where the audited person is a public interest entity—

(a)an individual who has been appointed as statutory auditor may not be appointed as a director or other officer of the audited person or be concerned in the management of the audited person during a period of not less than one year determined in standards set by the competent authority and commencing on the date on which the individual’s appointment as a statutory auditor ended;

(b)a key audit partner of a firm which has been appointed as statutory auditor may not be appointed as a director or other officer of the audited person or be concerned in the management of the audited person during a period of not less than one year to be determined in standards set by the competent authority and commencing on the date on which the firm’s appointment as a statutory auditor ended.]

F7(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F8(3)The body must also have adequate rules and practices designed to ensure that—

F9( a ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) any rule of law relating to the confidentiality of information received in the course of statutory audit work by persons appointed as statutory auditors is complied with; F10 ...

F9( c ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F11(3A)The rules and practices mentioned in sub-paragraphs (1) and (3) must include provision requiring compliance with standards for the time being determined by the competent authority under the Statutory Auditors and Third Country Auditors Regulations 2016.]

[F12(4)The rules referred to in [F13sub-paragraphs (1A) and (3)(b)] must apply to persons who are no longer members of the body as they apply to members and any fine imposed in the enforcement of those rules shall be recoverable by the body as a debt due to it from the person obliged to pay it.]

[F14(5)An auditor is not to be regarded as an officer of the audited person for the purposes of sub-paragraph (1A) (a) and (b).]

Textual Amendments

F1Word in Sch. 10 para. 9(1)(a) omitted (6.4.2008) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 19(2)

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