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 Local Audit and Accountability Act 201491

1

Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors)92 is amended as follows.

2

In paragraph 26(3)93—

a

omit the “and” following paragraph (a);

b

after paragraph (b), insert—

and

c

after the definition of “officer”, 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;

3

In paragraph 27(3), in the table at the appropriate place, insert—

“specified state”

section 1261(1)

“specified state auditor”

section 1261(1)

4

In paragraph 28(3)94, in the substituted paragraph 6 of Schedule 10 to the Companies Act 2006, in sub-paragraph (1)—

a

omit the “or” following paragraph (b);

b

after paragraph (b), insert—

ba

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, or