The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020

4.  In Schedule 4 (transitional provision)—

(a) in paragraph 1, before sub-paragraph (a) insert—

“(za) regulations 4 and 50(b);(1)”;

(b) after paragraph 1 insert—

“1A.   In its continuing application in relation to audits of accounts for financial years that begin before IP completion day, section 479A(1)(b) of the Companies Act 2006(2) (including as modified by regulation 34A of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008(3)) must be treated as if the reference to a parent undertaking being established under the law of an EEA State included a reference to a parent undertaking being established under the law of any part of the United Kingdom.”.

(1)

These transitional provisions relate to amendments made to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019, S.I. 2019/177, by regulations 4 and 7 of the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019, S.I. 2019/1392, which were made under section 484(1) of the Companies Act 2006 and section 15 of the Limited Liability Partnerships Act 2000 respectively.

(2)

Section 479A was inserted by regulation 7 of S.I. 2012/2301, and relevantly amended by S.I. 2019/177.

(3)

S.I. 2008/1911; regulation 34A was inserted by regulation 20(4) of S.I. 2012/2301, and relevantly amended by S.I. 2019/177.