PART 3Amendment of subordinate legislation

I171

In regulation 11 (performance, monitoring and enforcement of third country audit functions)—

a

for paragraph (2)(a) substitute—

a

for an audited entity which—

i

is incorporated in an equivalent third country, or

ii

is incorporated in a transitional third country; or

b

in paragraph (2)(b)(i), for “an EEA auditor” substitute “ eligible for appointment as an auditor of bodies corporate incorporated or formed under the law of an equivalent third country or a transitional third country ”;

c

in paragraph (2)(b)(ii), for “EEA competent authority that approved the EEA auditor in accordance with the Audit Directive” substitute “ third country competent authority in that equivalent third country or transitional third country ”;

d

in paragraph (4), in the provisions being substituted for regulations 4(2) to (4) of these Regulations for the purposes of applying regulation 4 with modifications—

i

in paragraph (2)(a), after “Audit Directive” insert “ before F1IP completion day”;

ii

after paragraph (2)(a), insert—

aa

the UK-adopted international standards adopted by the competent authority in accordance with regulation 4(3)(za), or standards which are equivalent,

iii

in paragraph (2)(b), for “paragraph (a)” substitute “ paragraphs (a) or (aa), ”;

iv

for paragraph (2)(c), substitute—

c

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, or with any other equivalent standards, procedures or requirements.

e

in paragraph (8)—

i

for “UK-traded non-EEA company” substitute “ UK-traded third country company ”;

ii

for “an equivalent body corporate” substitute “ a body corporate ”;

iii

for “another EEA state” substitute “ an equivalent third country or a transitional third country ”.