PART 4 U.K. Amendment of retained direct EU legislation

80.  In Article 5 (prohibition of the provision of non-audit services)—

(a) in paragraph 1, in the first subparagraph—

(i) omit “or an audit firm”;

(ii) omit “or the audit firm”;

(iii) for “audited entity” substitute “ audited person ”;

(iv) after “parent undertaking” insert “ (incorporated or formed in any part of the United Kingdom) ”;

(v) for “controlled undertakings” substitute “ subsidiary undertakings ”;

(vi) omit “within the Union”;

(vii) in point (a), for “period audited” substitute “ financial year of the accounts to be audited ”;

(viii) in point (b), for “the period referred to in point (a)” substitute “ that period ”;

(b) in paragraph 1, in the second subparagraph—

(i) in point (a)(iv), omit “or the audit firm”;

(ii) in point (a)(v), omit “or the audit firm”;

(iii) in point (b), for “audited entity” substitute “ audited person ”;

(iv) in point (c), for “financial statements” substitute “ accounts ”;

(v) in point (g)(ii), for “audited entity” substitute “ audited person ”;

(vi) in point (h), for “audited entity's” substitute “audited person's”;

(vii) in point (i)—

(aa) for “audited entity” in both places substitute “ audited person ”;

(bb) for “financial statements” substitute “ accounts ”;

(viii) in point (j), for “audited entity” substitute “ audited person ”;

(ix) in point (k)(i), for “financial statements” substitute “ the accounts ”;

(c) omit paragraph 2;

(d) in paragraph 4, in the first subparagraph—

(i) omit “or an audit firm”;

(ii) omit “or the audit firm”;

(iii) for “audited entity” substitute “ audited person ”;

(iv) after “parent undertaking” insert “ (incorporated or formed in any part of the United Kingdom) ”;

(v) for “controlled undertakings” substitute “ subsidiary undertakings ”;

(vi) for “Article 22b of Directive 2006/43/EC” substitute “ paragraph 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016 ”;

(e) in paragraph 4, omit the second subparagraph;

(f) omit paragraph 5.

Commencement Information

I1 Reg. 80 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2