SCHEDULE 3Amendments for the purpose of, and in connection with, implementing the EEA EFTA free trade agreement

PART 6Amendments in relation to the professions of statutory auditor and local public auditor

Amendments to the Companies Act 2006I190

1

Schedule 10 to the Companies Act 2006 (recognised supervisory bodies)89 is amended as follows.

2

In paragraph 6 (holding of appropriate qualification)90—

a

in sub-paragraph (1A), omit the “or” following paragraph (a);

b

after sub-paragraph (1A)(b)(iii), insert—

, or

c

the individual is a specified state auditor who—

i

holds professional qualifications obtained in a specified state that are comparable to an appropriate qualification, and

ii

has met a requirement to take an aptitude test or to complete an adaptation period, or to undertake both, imposed on the individual by the body in accordance with Part 2 of the Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023, if such a requirement is so imposed.

3

In paragraph 20A (interpretation)91, in subparagraph (1), after the definition of “public interest entity”, insert—

  • “specified state” means one of the states specified in Schedule 1 to the Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023;

  • “specified state auditor” means an individual who is eligible to conduct audits of the accounts of bodies corporate that are incorporated or formed under the law of a specified state in accordance with the law of that state;