C1C2C3C4Part 42Statutory Auditors

Annotations:
Modifications etc. (not altering text)
C2

Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 1Introductory

I11210Meaning of “statutory auditor” etc

1

In this Part “statutory auditor” means—

a

a person appointed as auditor under Part 16 of this Act,

b

a person appointed as auditor under section 77 of or Schedule 11 to the Building Societies Act 1986 (c. 53),

c

a person appointed as auditor of an insurer that is a friendly society under section 72 of or Schedule 14 to the Friendly Societies Act 1992 (c. 40),

d

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2e

a person appointed as auditor for the purposes of regulation 5 of the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 or appointed to report on the “aggregate accounts” within the meaning of those Regulations,

F3f

a person appointed as auditor of an insurance undertaking for the purposes of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008,

F4g

a person appointed as auditor of a bank for the purposes of the Bank Accounts Directive (Miscellaneous Banks) Regulations 2008,

h

a person appointed as auditor of a prescribed person under a prescribed enactment authorising or requiring the appointment;

and the expressions “statutory audit” and “statutory audit work” are to be construed accordingly.

2

In this Part “audited person” means the person in respect of whom a statutory audit is conducted.

3

In subsection (1)—

  • “bank” means a person who—

    1. a

      is a credit institution within the meaning given by F5Article 4.1 of Directive 2006/48/EC of the European Parliament and of the Council relating to the taking up and pursuit of the business of credit institutions F6as last amended by Directive 2009/111/EC, and

    2. b

      is a company or a firm as defined in F7 Article 54 of the Treaty on the Functioning of the European Union;

  • “friendly society” means a friendly society within the meaning of the Friendly Societies Act 1992 (c. 40);

  • F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • “insurer” means a person who is an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings;

  • “prescribed” means prescribed, or of a description prescribed, by order made by the Secretary of State for the purposes of subsection (1)(h).

4

An order under this section is subject to negative resolution procedure.