Companies Act 2006

Practical training U.K.

9 (1) The qualification must be restricted to persons who have completed at least three years' practical training of which— U.K.

(a) part was spent being trained in statutory audit work, and

(b) a substantial part was spent being trained in statutory audit work or other audit work of a description approved by the Secretary of State as being similar to statutory audit work.

(2) For the purpose of sub-paragraph (1) “statutory audit work” includes the work of a person appointed as the auditor of a person under the law of a country or territory outside the United Kingdom where it appears to the Secretary of State that the law and practice with respect to the audit of accounts is similar to that in the United Kingdom.

(3) The training must be given by persons approved by the body offering the qualification as persons whom the body is satisfied, in the light of undertakings given by them and the supervision to which they are subject (whether by the body itself or some other body or organisation), will provide adequate training.

(4) At least two-thirds of the training must be given by a person—

(a) eligible for appointment as a statutory auditor, or

(b) eligible for a corresponding appointment as an auditor under the law of [F1 an EEA State ], or part of [F1 an EEA State] F2 ....

[F3 (5) For the purpose of sub-paragraph (4), Gibraltar is to be treated as if it were an EEA State.]

Textual Amendments

F1 Words in Sch. 11 para. 9(4)(b) substituted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 44

F2 Words in Sch. 11 para. 9(4)(b) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 34(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Sch. 11 para. 9(5) inserted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 34(b); 2020 c. 1, Sch. 5 para. 1(1)