Search Legislation

The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening Options

Changes over time for: Section 5

 Help about opening options

Alternative versions:

Status:

Point in time view as at 01/10/2011. This version of this provision no longer has effect. Help about Status

Close

Status

You are viewing this legislation item as it stood at a particular point in time. 'No longer has effect', generally means that this provision has been repealed. Take a look at the annotations at the end of the provision for further information. No subsequent versions of this provision exist.

Changes to legislation:

There are currently no known outstanding effects for the The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011, Section 5. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Recognised supervisory bodiesU.K.

This section has no associated Explanatory Memorandum

5.—(1) Schedule 10 to the Companies Act 2006 M1 (recognised supervisory bodies) is amended as follows.

(2) In paragraph 10A(4)(b) after “23” insert “ , 23A ”.

(3) In paragraph 13 (monitoring of audits)—

(a)in sub-paragraph (1)(a)—

(i)omit “in the case of members of the body who do not perform any statutory audit functions in respect of major audits,”;

(ii)after “of statutory audit functions” insert “ , other than statutory audit functions in respect of major audits, ”;

(b)omit the “and” at the end of sub-paragraph (1)(b);

(c)after sub-paragraph (1)(b) insert—

(ba)in the case of members of the body who perform any third country audit functions, participate in arrangements within paragraph 23A(1); and;

(d)in sub-paragraph (1)(c) after “statutory audit functions” insert “ or third country audit functions ”;

(e)for sub-paragraph (2) substitute—

(2) Any monitoring of members of the body under the arrangements within paragraph 23(1) or 23A(1) is to be regarded (so far as their performance of statutory audit functions in respect of major audits, or of third country audit functions, is concerned) as monitoring of compliance with the body's rules for the purposes of paragraph 12(1) and (1A).;

(f)in sub-paragraph (10) at the end insert—

third country audit function” means any function related to the audit of a UK-traded non-EEA company..

(4) After paragraph 23 (arrangements for independent monitoring of major audits) insert—

Arrangements for independent monitoring of third country audits

23A.(1) The arrangements referred to in paragraph 13(1)(ba) are appropriate arrangements—

(a)for enabling the performance by members of the body of third country audit functions 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 body.

(2) Those arrangements must provide that the body performing the inspections—

(a)may decide that an inspection referred to in sub-paragraph (1) is not required, or that part of an inspection is not required, in relation to a member, and

(b)may direct that the arrangements referred to in sub-paragraph (3) apply in relation to the member or apply to such extent as may be specified in the direction.

(3) The supervisory body must have adequate arrangements for enabling the performance by its members of third country audit functions to be monitored by means of inspections for cases where a direction is given under sub-paragraph (2)(b).

(4) In this paragraph “third country audit function” means any function related to the audit of a UK-traded non-EEA company..

(5) In paragraph 24 (arrangements for independent investigation for disciplinary purposes)—

(a)in sub-paragraph (1)(a) after “the performance of statutory audit functions” insert “ or third country audit functions ”;

(b)in sub-paragraph (2) at the end insert—

third country audit function” means any function related to the audit of a UK-traded non-EEA company..

(6) In paragraph 25(1)(arrangements to operate independently of body)—

(a)omit the “or” at the end of paragraph (c);

(b)after paragraph (c) insert—

(ca)paragraph 23A(1)(b), or.

(7) In paragraph 26 (funding of arrangements) after “23” insert “ , 23A ”.

(8) In paragraph 27 (scope of arrangement) after “23” insert “ , 23A ”.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources