Modifications etc. (not altering text)
C1Pt. 42 applied (with modifications) (4.4.2014 for specified purposes, 16.12.2014 in so far as not already in force) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 5 paras. 1-27 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e) (as amended: (31.12.2020) by S.I. 2019/177, regs. 2, 57; 2020 c. 1, Sch. 5 para. 1(1) and S.I. 2019/504, regs. 1(2), 3-6; 2020 c. 1, Sch. 5 para. 1(1); and (1.7.2022) by 2022 c. 31, s. 186(6), Sch. 4 para. 216, Sch. 7 para. 28; S.I. 2022/734, reg. 2(a), Sch. (with regs. 13, 29, 30); and (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 82)
C2Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
C3Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)
C4Pt. 42 applied (with modifications) (15.8.2008) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950), reg. 6(5)
C5Pt. 42: functions transferred in part (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 7, 8, 9 (with art. 16)
(1)A registered third country auditor [F1who audits the accounts of a [F2UK-traded third country company]] must participate in—
(a)arrangements within paragraph 1 of Schedule 12 (arrangements for independent monitoring of audits F3. . . ), and
(b)arrangements within paragraph 2 of that Schedule (arrangements for independent investigation for disciplinary purposes F4...).
(2)A registered third country auditor must—
(a)take such steps as may be reasonably required of it to enable its performance of [F5audits of accounts of [F6UK-traded third country companies]] to be monitored by means of inspections carried out under the arrangements mentioned in subsection (1)(a), and
(b)comply with any decision as to disciplinary action to be taken against it made under the arrangements mentioned in subsection (1)(b).
(3)Schedule 12 makes further provision with respect to the arrangements in which registered third country auditors are required to participate.
(4)The Secretary of State may direct in writing that subsections (1) to (3) are not to apply, in whole or in part, in relation to
[F7(a)]a particular registered third country auditor or class of registered third country auditors.
[F8(b)audits of the accounts of a particular [F9UK-traded third country company] or class of [F10UK-traded third country companies];
(c)audits by a particular registered third country auditor or class of registered third country auditors of the accounts of a particular [F11UK-traded third country company] or class of [F12UK-traded third country companies].]
Textual Amendments
F1Words in s. 1242(1) inserted (29.6.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 32(2)(a) (as amended by S.I. 2008/499, reg. 2)
F2Words in s. 1242(1) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 16(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in s. 1242(1)(a) omitted (29.6.2008) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 32(2)(b) (as amended by S.I. 2008/499, reg. 2)
F4Words in s. 1242(1)(b) omitted (1.10.2013) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2013 (S.I. 2013/1672), regs. 3, 14
F5Words in s. 1242(2)(a) substituted (29.6.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 32(3) (as amended by S.I. 2008/499, reg. 2)
F6Words in s. 1242(2)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 16(b); 2020 c. 1, Sch. 5 para. 1(1)
F7Letter in s. 1242(4) inserted (1.9.2011 with application in accordance with reg. 1(5)) by The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011 (S.I. 2011/1856), reg. 4(a)
F8S. 1242(4)(b)(c) inserted (1.9.2011with application in accordance with reg. 1(5)) by The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2011 (S.I. 2011/1856), reg. 4(b)
F9Words in s. 1242(4)(b) substituted (31.12.2020) by S.I. 2019/177, reg. 16(c)(i) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in s. 1242(4)(b) substituted (31.12.2020) by S.I. 2019/177, reg. 16(c)(ii) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in s. 1242(4)(c) substituted (31.12.2020) by S.I. 2019/177, reg. 16(d)(i) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in s. 1242(4)(c) substituted (31.12.2020) by S.I. 2019/177, reg. 16(d)(ii) (as inserted by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 5); 2020 c. 1, Sch. 5 para. 1(1)