Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC (Text with EEA relevance)

Changes over time for: Article 10

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Article 10U.K.Audit report

1.The statutory [F1auditor] shall present the results of the statutory audit of the public-interest entity in an audit report.

2.The audit report shall be prepared in accordance with [F2the public interest entity audit reporting requirements] and in addition shall at least:

(a)state by whom or by which body the statutory [F3auditor] was F4... appointed;

(b)indicate the date of the appointment and the period of total uninterrupted [F5consecutive reappointments of the statutory auditor];

(c)provide, in support of the audit opinion, the following:

(i)

a description of the most significant assessed risks of material misstatement, including assessed risks of material misstatement due to fraud;

(ii)

a summary of the auditor's response to those risks; and

(iii)

where relevant, key observations arising with respect to those risks.

Where relevant to the above information provided in the audit report concerning each significant assessed risk of material misstatement, the audit report shall include a clear reference to the relevant disclosures in the [F6accounts].

(d)explain to what extent the statutory audit was considered capable of detecting irregularities, including fraud;

(e)confirm that the audit opinion is consistent with the additional report to the audit committee referred to in Article 11;

(f)declare that the prohibited non-audit services referred to in Article 5(1) were not provided and that the statutory [F7auditor] remained independent of the [F8audited person] in conducting the audit;

(g)indicate any services, in addition to the statutory audit, which were provided by the statutory auditor F9... to the [F10audited person] and its [F11subsidiary undertakings], and which have not been disclosed in the [F12accounts or the reports required to be prepared by the management body of the audited person to accompany the accounts].

F13...

3.Except as required by point (e) of paragraph 2 the audit report shall not contain any cross-references to the additional report to the audit committee referred to in Article 11. The audit report shall be in clear and unambiguous language.

4.The statutory auditor F14... shall not use the name of [F15the competent authority] in a way that would indicate or suggest endorsement or approval by [F16the authority] of the audit report.

Textual Amendments

F1Word in Art. 10(1) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(a); 2020 c. 1, Sch. 5 para. 1(1)

F2Words in Art. 10(2) substituted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F3Word in Art. 10(2)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F4Word in Art. 10(2)(a) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F5Words in Art. 10(2)(b) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F6Word in Art. 10(2)(c) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(iv); 2020 c. 1, Sch. 5 para. 1(1)

F7Word in Art. 10(2)(f) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(v)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F8Words in Art. 10(2)(f) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(v)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F9Words in Art. 10(2)(g) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(vi)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F10Words in Art. 10(2)(g) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(vi)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F11Words in Art. 10(2)(g) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 85(b)(vi)(cc); 2020 c. 1, Sch. 5 para. 1(1)