Article 17U.K.Duration of the audit engagement
1.F1...
Neither the initial engagement of a particular statutory auditor or audit firm, nor this in combination with any renewed engagements therewith shall exceed a maximum duration of 10 years.
F22.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F33.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F44.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F55.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F56.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.The key audit partners responsible for carrying out a statutory audit shall cease their participation in the statutory audit of the [F6audited person] not later than seven years from the date of their appointment. They shall not participate again in the statutory audit of the [F6audited person] before three years have elapsed following that cessation.
F7...
The statutory auditor F8... shall establish an appropriate gradual rotation mechanism with regard to the most senior personnel involved in the statutory audit, including at least the [F9individuals who are eligible for appointment] as statutory auditors. The gradual rotation mechanism shall be applied in phases on the basis of individuals rather than of the entire engagement team. It shall be proportionate in view of the scale and the complexity of the activity of the statutory auditor F8....
The statutory auditor F10... shall be able to demonstrate to the competent authority that such mechanism is effectively applied and adapted to the scale and the complexity of the activity of the statutory auditor F10....
8.For the purposes of [F11the provisions for the appointment of statutory auditors by public interest entities], the duration of the audit engagement shall be calculated as from the first financial year covered in the audit engagement letter in which the statutory auditor F12... has been appointed for the first time for the carrying-out of consecutive statutory audits for the same public-interest entity.
For the purposes of this Article, [F13the statutory auditor is a firm it must] include [F14any other statutory auditor that is also a firm and has been acquired by or has merged with the first statutory auditor].
If there is uncertainty as to the date on which the statutory auditor F15... began carrying out consecutive statutory audits for the public-interest entity, for example due to firm mergers, acquisitions, or changes in ownership structure, the statutory auditor F15... shall immediately report such uncertainties to the competent authority, which shall ultimately determine the relevant date for the purposes of the first subparagraph.
Textual Amendments
F1Art. 17(1) excepted from duty to publish (31.12.2020) by The Exception from the Duty to Publish (Department for Business and Trade) (No. 1) Direction 2023 (No. 1), Sch.
F2Art. 17(2) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Art. 17(3) excepted from duty to publish (31.12.2020) by The Exception from the Duty to Publish (Department for Business and Trade) (No. 1) Direction 2023 (No. 1), Sch.
F4Art. 17(4) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(b); 2020 c. 1, Sch. 5 para. 1(1)
F5Art. 17(5)(6) excepted from duty to publish (31.12.2020) by The Exception from the Duty to Publish (Department for Business and Trade) (No. 1) Direction 2023 (No. 1), Sch.
F6Words in Art. 17(7) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(c)(i); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in Art. 17(7) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in Art. 17(7) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(c)(iii)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in Art. 17(7) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(c)(iii)(bb); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in Art. 17(7) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(c)(iv); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in Art. 17(8) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(d)(i)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in Art. 17(8) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(d)(i)(bb); 2020 c. 1, Sch. 5 para. 1(1)
F13Words in Art. 17(8) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(d)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F14Words in Art. 17(8) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(d)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)
F15Words in Art. 17(8) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 91(d)(iii); 2020 c. 1, Sch. 5 para. 1(1)