- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
4.—(1) A person appointed to conduct a statutory audit must conduct that audit in accordance with the relevant standards for the conduct of statutory audits.
(2) The relevant standards are—
(a)the standards of integrity, objectivity, professional competence, due care and professional scepticism as determined by the competent authority in accordance with Schedule 1;
(b)the international auditing standards adopted by the European Commission in accordance with Article 26(3) of the Audit Directive (“Commission-adopted international standards”);
(c)any auditing standards, procedures or requirements imposed by the competent authority in accordance with paragraph (3)(a);
(d)auditing procedures or requirements imposed by the competent authority in accordance with paragraph (3)(b); and
(e)the requirements of rules and practices of the recognised supervisory body of which the auditor is a member, provided that the rules and practices are rules and practices required by virtue of Part 2 of Schedule 10 to the Act.
(3) The competent authority may—
(a)impose auditing standards, procedures or requirements which do not cover the same subject-matter as Commission adopted international standards; or
(b)impose auditing procedures or requirements which cover the same subject-matter as Commission-adopted international standards but are necessary—
(i)to give effect to any relevant requirement relating to the scope of statutory audit; or
(ii)to add to the credibility and quality of financial statements.
(4) In this regulation “relevant requirement” has the same meaning as in regulation 5.
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.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: