PART 2Amendment of primary legislation

CHAPTER 3Schedules 10, 11, 11A and 12 to the Companies Act 2006

I128

In paragraph 6 (holding of appropriate qualification)—

F1za

in sub-paragraph (1)(a), for “an EEA auditor” substitute “ a third country auditor ”;

zb

in sub-paragraph (1)(aa), for “an EEA auditor” substitute “ a third country auditor ”;

zc

in sub-paragraph (1)(b), omit “which is not an EEA auditor”;

F3a

omit sub-paragraph (1)(c);

b

for sub-paragraph (1A) M1 substitute—

1A

The requirements of this sub-paragraph are that—

a

the individual holds a professional qualification which covers all the subjects that are covered by a recognised professional qualification and that are subjects of which knowledge is essential for the pursuit of the profession of statutory auditor, or

F4b

the individual is an EEA auditor who—

i

on or before IP completion day, holds a professional qualification which does not cover all those subjects,

ii

on or before IP completion day, has been approved by the body or is in the process of seeking approval from the body, and

iii

has met whichever of the requirements of sub-paragraph (1B) is specified in the body's rules.

c

for sub-paragraph (1B) M2, substitute—

1B

F6For the purposes of sub-paragraph (1A)(b)(iii), the body's rules must specify one of the following requirements—

a

a requirement to pass an aptitude test in accordance with sub-paragraph (2),

b

a requirement to complete an adaptation period in accordance with sub-paragraphs (2B) and (2C), or

c

a requirement either to pass an aptitude test in accordance with sub-paragraph (2) or to complete an adaptation period in accordance with sub-paragraphs (2B) and (2C), according to the choice of the individual.

d

in sub-paragraph (2C) M3, for “that the condition in sub-paragraph (1A)(b) can be satisfied by completing an adaptation period” substitute “ a requirement that may or must be met by completing an adaptation period ”;

F2da

in sub-paragraph (2C)(a), for “another EEA State” substitute “ an EEA State ”;

F5e

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .