Power to grant exemptions from the requirements of Article 4(2) of the Audit Regulation (limit on total fees charged for non-audit services)U.K.
This section has no associated Explanatory Memorandum
13.—(1) The competent authority may grant to a statutory auditor, in relation to the provision of services to an audited person, an exemption from the requirements of Article 4(2) of the Audit Regulation.
(2) The competent authority must be satisfied that exceptional circumstances exist before granting an exemption under this regulation.
(3) An exemption granted under this regulation may apply—
(a)for one financial year, or
(b)for two consecutive financial years.