SCHEDULES
C1SCHEDULE 10Recognised supervisory bodies
Part 2Requirements for recognition of a supervisory body
F1Technical standards for group audits
Sch. 10 para. 10A and preceding cross-heading inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 20
10A
1
The body must have rules and practices as to technical standards ensuring that group auditors—
a
review for the purposes of a group audit the audit work conducted by other persons, and
b
record that review.
F42
The rules and practices mentioned in sub-paragraph (1) must include provision requiring compliance with any standards for the time being determined by the competent authority under the Statutory Auditors and Third Country Auditors Regulations 2016.
F33
The body must have rules and practices ensuring that group auditors retain copies of any documents necessary for the purposes of any review in accordance with those standards.
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7
In this paragraph—
“ group auditor ” means a person appointed as statutory auditor to conduct an audit of group accounts;
“ group ” has the same meaning as in Part 15 of this Act (see section 474).
Sch. 10 applied (with modifications) (4.4.2014 for specified purposes, 16.12.2014 in so far as not already in force) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 5 para. 28 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e) (as amended (E.W.) (31.12.2020) by The Local Audit (England and Wales) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/504), regs. 1(2), 6(1) (with reg. 6(2)(3)); 2020 c. 1, Sch. 5 para. 1(1); and (1.12.2023) by The Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023 (S.I. 2023/1286), reg. 1, Sch. 3 para. 91(4))