C5C1C2C3C4Part 42Statutory Auditors
Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
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S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)
Pt. 42 applied (with modifications) (15.8.2008) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950), reg. 6(5)
Pt. 42: functions transferred in part (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 7, 8, 9 (with art. 16)
Chapter 5Registered third country auditors
Duties
1242Duties of registered third country auditors
1
A registered third country auditor F1who audits the accounts of a UK-traded non-EEA company must participate in—
a
arrangements within paragraph 1 of Schedule 12 (arrangements for independent monitoring of audits F2. . . ), and
b
arrangements within paragraph 2 of that Schedule (arrangements for independent investigation for disciplinary purposes F6...).
2
A registered third country auditor must—
a
take such steps as may be reasonably required of it to enable its performance of F3audits of accounts of UK-traded non-EEA companies to be monitored by means of inspections carried out under the arrangements mentioned in subsection (1)(a), and
b
comply with any decision as to disciplinary action to be taken against it made under the arrangements mentioned in subsection (1)(b).
3
Schedule 12 makes further provision with respect to the arrangements in which registered third country auditors are required to participate.
4
The Secretary of State may direct in writing that subsections (1) to (3) are not to apply, in whole or in part, in relation to
F4a
a particular registered third country auditor or class of registered third country auditors.
F5b
audits of the accounts of a particular UK-traded non-EEA company or class of UK-traded non-EEA companies;
c
audits by a particular registered third country auditor or class of registered third country auditors of the accounts of a particular UK-traded non-EEA company or class of UK-traded non-EEA companies.
Pt. 42 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 paras. 1-27 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e) (as amended: (31.12.2020) by S.I. 2019/177, regs. 2, 57; 2020 c. 1, Sch. 5 para. 1(1) and S.I. 2019/504, regs. 1(2), 3-6; 2020 c. 1, Sch. 5 para. 1(1); and (1.7.2022) by 2022 c. 31, s. 186(6), Sch. 4 para. 216, Sch. 7 para. 28; S.I. 2022/734, reg. 2(a), Sch. (with regs. 13, 29, 30))