The Statutory Auditors and Third Country Auditors Regulations 2013

Application statement U.K.

8.  A third country auditor must make a statement for the purposes of an application under regulation 7 (application for registration of third country auditor) to the effect that—

(a) if an individual, the third country auditor holds a qualification which meets requirements equivalent to those which apply to an appropriate qualification for the purposes of section 1219 M1 of the Act;

(b) if a firm–

(i) a majority of the members of the firm's administrative or management body hold qualifications which meet requirements equivalent to those which apply to an appropriate qualification for the purposes of section 1219 of the Act, and

(ii) each individual who conducts audits of UK-traded non-EEA companies on behalf of the firm holds a qualification which meets requirements equivalent to those which apply to an appropriate qualification for the purposes of that section;

(c) the third country auditor is a fit and proper person to conduct audits of UK-traded non-EEA companies;

[F1 (d) the third country auditor conducts audits of UK-traded non-EEA companies in accordance with—

(i) the international auditing standards adopted by the European Commission in accordance with Article 26(3) of the Audit Directive, or with standards which are equivalent,

(ii) any auditing standards, procedures or requirements imposed by the competent authority in accordance with regulation 4(3)(a) of the Statutory Auditors and Third Country Auditors Regulations 2016, or with standards, procedures or requirements which are equivalent, and

(iii) the requirements set out in Articles 22, 22b and 25 of the Audit Directive (independence, objectivity and audit fees), or with requirements which are equivalent;]

F2 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f) the third country auditor publishes on a website an annual transparency report equivalent to that required for auditors of public interest entities by [F3 Article 13 of the Audit Regulation] (transparency report).

Textual Amendments

F1 Reg. 8(d) substituted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), regs. 1(1)(a), 20(2)(a)

F2 Reg. 8(e) omitted (17.6.2016) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), regs. 1(1)(a), 20(2)(b)

F3 Words in reg. 8(f) substituted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), regs. 1(1)(a), 20(2)(c)

Marginal Citations

M1 Section 1219 was amended by S.I. 2007/3494, regulation 5.