The Statutory Auditors and Third Country Auditors Regulations 2013

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Application statementU.K.

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8. A third country auditor must make a statement for the purposes of an application under regulation 7 (application for registration of third country auditor) to the effect that—

(a)if an individual, the third country auditor holds a qualification which meets requirements equivalent to those which apply to an appropriate qualification for the purposes of section 1219 M1 of the Act;

(b)if a firm–

(i)a majority of the members of the firm's administrative or management body hold qualifications which meet requirements equivalent to those which apply to an appropriate qualification for the purposes of section 1219 of the Act, and

(ii)each individual who conducts audits of [F1UK-traded third country companies] on behalf of the firm holds a qualification which meets requirements equivalent to those which apply to an appropriate qualification for the purposes of that section;

(c)the third country auditor is a fit and proper person to conduct audits of [F2UK-traded third country companies];

[F3(d)the third country auditor conducts audits of [F4UK-traded third country companies] in accordance with—

(i)the international auditing standards adopted by the European Commission in accordance with Article 26(3) of the Audit Directive [F5before IP completion day], or with standards which are equivalent,

[F6(ia)the UK-adopted international standards adopted by the competent authority in accordance with regulation 4(3)(za) of the Statutory Auditors and Third Country Auditors Regulations 2016, or with standards, procedures or requirements which are equivalent,]

(ii)any auditing standards, procedures or requirements imposed by the competent authority in accordance with [F7regulation 4(3)] of the Statutory Auditors and Third Country Auditors Regulations 2016, or with standards, procedures or requirements which are equivalent, and

[F8(iii)any auditing standards, procedures or requirements imposed by the competent authority in accordance with the requirements set out in paragraphs 1 to 6 and 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016, or with any other equivalent standards, procedures or requirements.]]

F9(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f)the third country auditor publishes on a website an annual transparency report equivalent to that required for auditors of public interest entities by [F10Article 13 of the Audit Regulation] (transparency report).

Textual Amendments

F1Words in reg. 8(b)(ii) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 61(a); 2020 c. 1, Sch. 5 para. 1(1)

F2Words in reg. 8(c) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 61(b); 2020 c. 1, Sch. 5 para. 1(1)

F3Reg. 8(d) substituted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), regs. 1(1)(a), 20(2)(a)

F4Words in reg. 8(d) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 61(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

F5Words in reg. 8(d)(i) inserted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 61(c)(ii) (as amended by S.I. 2020/523, regs. 1(2), 15(b)); 2020 c. 1, Sch. 5 para. 1(1)