The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2009

EXPLANATORY NOTE

(This note is not part of the Regulations)

The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494) (“the Principal Regulations”) implement in part Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC.

Regulation 15 of the Principal Regulations inserted new sections 1253D and 1253E into the Companies Act 2006 (c.46). Section 1253D imposes a restriction on audit working papers being transferred to regulatory bodies outside of the EEA. Section 1253E imposes requirements in relation to working arrangements entered into by the regulatory bodies for the audit profession for the transfer of papers to regulatory bodies outside of the EEA. These Regulations revoke a transitional provision relating to sections 1253D and 1253E (regulation 15(2) of the Principal Regulations as amended by regulation 2(4) of the Statutory Auditors and Third Country Auditors (Amendment) Regulations 2008 (S.I. 2008/499)).

An Impact Assessment in respect of the Principal Regulations has been produced and is available at http://www.opsi.gov.uk/si/si2007/em/uksiem_20073494_en.pdf. Copies are also available from the Company Law and Governance Directorate, Department for Business, Innovation and Skills, 1 Victoria Street, London, SW1H 0ET. No Impact Assessment has been produced in respect of these amending Regulations because it is not expected that the amendment will cause any additional costs.