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Regulation (EU) No 537/2014 of the European Parliament and of the CouncilShow full title
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)
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- Revised 16/06/20140.85 MB
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Article 6U.K.Preparation for the statutory audit and assessment of threats to independence
1.Before [F1appointment as a statutory auditor for the] statutory audit of a public- interest entity, [F2a person who is eligible for appointment as a statutory auditor must] assess and document, in addition to [F3what is required by paragraph 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016], the following:
(a)whether [F4the person who is eligible for appointment as a statutory auditor] complies with the requirements of Articles 4 and 5 of this Regulation;
(b)whether the conditions of [F5the provisions for the appointment of statutory auditors by public interest entities and Article 17(7)] are complied with;
(c)without prejudice to [F6the relevant legislation], the integrity of the members of the [F7management body] of the public-interest entity.
[F81A.In point (c) of paragraph 1, “relevant legislation” means—
(a)the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;
(b)sections 330(6), 330(7A), 333A and 342 of the Proceeds of Crime Act 2002;
(c)sections 45 and 46 of the Criminal Finances Act 2017;
(d)the Terrorism Act 2000.
1B.The reference to appointment as a statutory auditor for the statutory audit of a public interest entity in paragraph 1 means any appointment of the auditor by public interest entities and includes any deemed reappointment of the statutory auditor under section 487 of the Companies Act 2006.]
2.A statutory auditor F9... shall:
(a)confirm annually in writing to the audit committee that the statutory auditor, F10... [F11and, where the statutory auditor is a firm, any associated persons], conducting the statutory audit are independent from the [F12audited person];
(b)discuss with the audit committee the threats to [F13the statutory auditor's independence] and the safeguards applied to mitigate those threats, as documented [F14by the statutory auditor] pursuant to paragraph 1.
[F153.In this Article, “associated persons” means—
(a)partners if the firm is a partnership, general partners if the firm is a limited partnership, or members if the firm is a limited liability partnership;
(b)members of the management body of the firm; or
(c)individuals who are responsible for statutory audit work on behalf of the firm.]
Textual Amendments
F1Words in Art. 6(1) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 6(1) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in Art. 6(1) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 6(1)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(iv); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in Art. 6(1)(b) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(v); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in Art. 6(1)(c) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(vi)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in Art. 6(1)(c) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(a)(vi)(bb); 2020 c. 1, Sch. 5 para. 1(1)
F8Art. 6(1A)(1B) inserted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 81(b); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in Art. 6(2) 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, 81(c)(i); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in Art. 6(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, 81(c)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in Art. 6(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, 81(c)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in Art. 6(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, 81(c)(ii)(cc); 2020 c. 1, Sch. 5 para. 1(1)
F13Words in Art. 6(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, 81(c)(iii)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F14Words in Art. 6(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, 81(c)(iii)(bb); 2020 c. 1, Sch. 5 para. 1(1)
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