The Statutory Auditors and Third Country Auditors Regulations 2007 No. 3494

PART 6 U.K. OTHER AMENDMENTS AND REVOCATIONS

Meaning of “appropriate audit authority” and “major audit” U.K.

41.—(1) Section 525(1) of the Companies Act 2006 (meaning of “appropriate audit authority”) is amended as follows.

(2) In paragraph (a) after “major audit” insert “ (other than one conducted by an Auditor General) ”.

(3) In paragraph (b) after “an audit” insert “ (other than one conducted by an Auditor General) ”.

(4) After paragraph (b) insert—

“(c) in the case of an audit conducted by an Auditor General, the Independent Supervisor.”.

(5) In the closing words—

(a) for “ “Supervisory body” has the same meaning” substitute “ “Supervisory body” and “Independent Supervisor” have the same meaning ”;

(b) for “section 1217” substitute “ sections 1217 and 1228 ”.

Grounds for petition by company member U.K.

42.—(1) In section 994 of the Companies Act 2006 (protection of members against unfair prejudice: petition by company member), after subsection (1) insert—

“(1A) For the purposes of subsection (1)(a), a removal of the company's auditor from office—

(a) on grounds of divergence of opinions on accounting treatments or audit procedures, or

(b) on any other improper grounds,

shall be treated as being unfairly prejudicial to the interests of some part of the company's members.”.

(2) This amendment does not apply in relation to auditors appointed for financial years beginning before 6th April 2008.

Exclusion of large debt securities issuer from definition of “UK-traded non-EEA company” U.K.

F1 43.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Reg. 43 revoked (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), regs. 1(1)(a), 21(4)

Practical training U.K.

44.  In paragraph 9(4)(b) of Schedule 11 to the Companies Act 2006 M1 (practical training) for “a member State” in both places where it occurs substitute “ an EEA State ”.

Marginal Citations

M1 2006 c.46.

Revocations and savings U.K.

45.—(1) The Company Auditors (Examinations) Regulations 1990 M2 are revoked.

(2) The Company Auditors (Examinations) Regulations (Northern Ireland) 1990 M3 are revoked.

(3) The Companies Act 1989 (Register of Auditors and Information About Audit Firms) Regulations 1991 M4 are revoked.

(4) The Companies (1990 Order) (Register of Auditors and Information About Audit Firms) Regulations (Northern Ireland) 1991 M5 are revoked.

(5) The European Communities (Recognition of Professional Qualifications) (First General System) Regulations 2005 M6 are revoked for the purposes of their application to the profession of company auditor, except for the purposes of their application in relation to auditors appointed for financial years beginning before 6th April 2008.

Marginal Citations

M2 S.I. 1990/1146.

M3 S.R. 1990/309.

M4 S.I. 1991/1566.

M5 S.R. 1991/500.

M6 S.I. 2005/18. The 2005 Regulations were revoked for all other purposes by regulation 39 of, and Schedule 6 to, the European Communities (Recognition of Professional Qualifications) Regulations 2007 (S.I. 2007/2781).