Companies Act 2006 (c. 46)

Part 42 U.K. Statutory Auditors

Modifications etc. (not altering text)

C1 Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43

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S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

C3 Pt. 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)

C4 Pt. 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)

Chapter 2 U.K. Individuals and firms

Professional qualifications U.K.

1219 Appropriate qualifications U.K.

(1) A person holds an appropriate qualification for the purposes of this Chapter if and only if—

(a) he holds a recognised professional qualification obtained in the United Kingdom,

(b) immediately before the commencement of this Chapter, he—

(i) held an appropriate qualification for the purposes of Part 2 of the Companies Act 1989 (c. 40) (eligibility for appointment as company auditor) by virtue of section 31(1)(a) or (c) of that Act, or

(ii) was treated as holding an appropriate qualification for those purposes by virtue of section 31(2), (3) or (4) of that Act,

(c) immediately before the commencement of this Chapter, he—

(i) held an appropriate qualification for the purposes of Part III of the Companies (Northern Ireland) Order 1990 (S.I. 1990/593 (N.I. 5)) by virtue of Article 34(1)(a) or (c) of that Order, or

(ii) was treated as holding an appropriate qualification for those purposes by virtue of Article 34(2), (3) or (4) of that Order,

(d) he is within subsection (2),[F1 or]

(e) F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f) subject to any direction under section 1221(5), he is regarded for the purposes of this Chapter as holding an approved [F3 third country] qualification.

(2) A person is within this subsection if—

(a) before 1st January 1990, he began a course of study or practical training leading to a professional qualification in accountancy offered by a body established in the United Kingdom,

(b) he obtained that qualification on or after 1st January 1990 and before 1st January 1996, and

(c) the Secretary of State approves his qualification as an appropriate qualification for the purposes of this Chapter.

(3) The Secretary of State may approve a qualification under subsection (2)(c) only if he is satisfied that, at the time the qualification was awarded, the body concerned had adequate arrangements to ensure that the qualification was awarded only to persons educated and trained to a standard equivalent to that required, at that time, in the case of a recognised professional qualification under Part 2 of the Companies Act 1989 (c. 40) (eligibility for appointment as company auditor).

Textual Amendments

F1 Word in s. 1219(1) inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 5(a)

F2 S. 1219(1)(e) omitted (6.4.2008) by virtue of The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 5(b)

F3 Words in s. 1219(1)(f) substituted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 5(c)