C4C1C2C3C5Part 42Statutory Auditors

Annotations:
Modifications etc. (not altering text)
C2

Pt. 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S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 5Registered third country auditors

Duties

1242Duties of registered third country auditors

1

A registered third country auditor F1who audits the accounts of a F11UK-traded third country company must participate in—

a

arrangements within paragraph 1 of Schedule 12 (arrangements for independent monitoring of audits F2. . . ), and

b

arrangements within paragraph 2 of that Schedule (arrangements for independent investigation for disciplinary purposes F7...).

2

A registered third country auditor must—

a

take such steps as may be reasonably required of it to enable its performance of F3audits of accounts of F9UK-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

F4a

a particular registered third country auditor or class of registered third country auditors.

F5b

audits of the accounts of a particular F12UK-traded third country company or class of F6UK-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 F8UK-traded third country company or class of F10UK-traded third country companies.