The Statutory Auditors and Third Country Auditors Regulations 2016

51.—(1) Section 1261 (minor definitions) is amended as follows. U.K.

(2) In subsection (1)—

(a) at the appropriate places, insert the following definitions—

““audit working papers and investigation reports” means—

(a)

any documents which are or have been held by a statutory auditor, an EEA auditor or a third country auditor and which are related to the conduct of an audit conducted by that auditor;

(b)

any report of an inspection of the conduct of an audit by a statutory auditor, an EEA auditor or a third country auditor, or

(c)

any report of an investigation into the conduct of a statutory auditor, an EEA auditor or a third country auditor,”;

““the Audit Regulation” means Regulation 537/2014 of the European Parliament and of the Council on specific requirements regarding statutory audit of public interest entities;”;

““the competent authority” means the Financial Reporting Council Limited”;

(b) in the definition of “the Audit Directive” omit the words “ as amended at any time before 1st January 2009”;

(c) omit the definition of “audit working papers”;

(d) in the definition of “third country auditor” after “other than” insert “ an EEA auditor or ”;

(e) in the definition of “transfer” after “audit working papers” insert “ and investigation reports ”.