Application statement8
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 F4UK-traded third country 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 F5UK-traded third country companies;
F2d
the third country auditor conducts audits of F6UK-traded third country companies in accordance with—
i
the international auditing standards adopted by the European Commission in accordance with Article 26(3) of the Audit Directive F7before IP completion day, or with standards which are equivalent,
F8ia
the UK-adopted international standards adopted by the competent authority in accordance with regulation 4(3)(za) of the Statutory Auditors and Third Country Auditors Regulations 2016, or with standards, procedures or requirements which are equivalent,
ii
any auditing standards, procedures or requirements imposed by the competent authority in accordance with F9regulation 4(3) of the Statutory Auditors and Third Country Auditors Regulations 2016, or with standards, procedures or requirements which are equivalent, and
F10iii
any auditing standards, procedures or requirements imposed by the competent authority in accordance with the requirements set out in paragraphs 1 to 6 and 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016, or with any other equivalent standards, procedures or requirements.
F1e
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
f
the third country auditor publishes on a website an annual transparency report equivalent to that required for auditors of public interest entities by F3Article 13 of the Audit Regulation (transparency report).