1(1)The arrangements referred to in section 1242(1)(a) are appropriate arrangements—U.K.
(a)for enabling the performance by the registered third country auditor of [F1functions related to the audit of [F2UK-traded third country companies]] 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 registered third country auditor.
(2)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Sch. 12 para. 1(1)(a) substituted (29.6.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 33(3)(a) (as amended by S.I. 2008/499), reg. 2(2))
F2Words in Sch. 12 para. 1(1)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 36(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Sch. 12 para. 1(2) omitted (29.6.2008) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 33(3)(b) (as amended by S.I. 2008/499, reg. 2(2))