SCHEDULE 3U.K.Amendments for the purpose of, and in connection with, implementing the EEA EFTA free trade agreement

PART 6U.K.Amendments in relation to the professions of statutory auditor and local public auditor

Amendments to the Companies Act 2006U.K.

90.—(1) Schedule 10 to the Companies Act 2006 (recognised supervisory bodies)(1) is amended as follows.

(2) In paragraph 6 (holding of appropriate qualification)(2)—

(a)in sub-paragraph (1A), omit the “or” following paragraph (a);

(b)after sub-paragraph (1A)(b)(iii), insert—

, or

(c)the individual is a specified state auditor who—

(i)holds professional qualifications obtained in a specified state that are comparable to an appropriate qualification, and

(ii)has met a requirement to take an aptitude test or to complete an adaptation period, or to undertake both, imposed on the individual by the body in accordance with Part 2 of the Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023, if such a requirement is so imposed..

(3) In paragraph 20A (interpretation)(3), in subparagraph (1), after the definition of “public interest entity”, insert—

specified state” means one of the states specified in Schedule 1 to the Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023;

specified state auditor” means an individual who is eligible to conduct audits of the accounts of bodies corporate that are incorporated or formed under the law of a specified state in accordance with the law of that state;.

Commencement Information

I1Sch. 3 para. 90 in force at 1.12.2023, see reg. 1

Amendments to the Local Audit and Accountability Act 2014U.K.

91.—(1) Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors)(4) is amended as follows.

(2) In paragraph 26(3)(5)—

(a)omit the “and” following paragraph (a);

(b)after paragraph (b), insert—

and

(c)after the definition of “officer”, insert—

specified state” means one of the states specified in Schedule 1 to the Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023;

specified state auditor” means an individual who is eligible to conduct audits of the accounts of bodies corporate that are incorporated or formed under the law of a specified state in accordance with the law of that state;..

(3) In paragraph 27(3), in the table at the appropriate place, insert—

“specified state”section 1261(1)
“specified state auditor”section 1261(1).

(4) In paragraph 28(3)(6), in the substituted paragraph 6 of Schedule 10 to the Companies Act 2006, in sub-paragraph (1)—

(a)omit the “or” following paragraph (b);

(b)after paragraph (b), insert—

(ba)is a specified state auditor who—

(i)holds professional qualifications obtained in a specified state that are comparable to an appropriate qualification; and

(ii)has met a requirement to take an aptitude test or to complete an adaptation period, or to undertake both, imposed on the individual by the body in accordance with Part 2 of the Recognition of Professional Qualifications and Implementation of International Recognition Agreements (Amendment) Regulations 2023, if such a requirement is so imposed, or.

Commencement Information

I2Sch. 3 para. 91 in force at 1.12.2023, see reg. 1

(2)

Paragraph 6(1A) was inserted by S.I. 2016/649, and amended by S.I. 2019/177 and 1392 and 2020/523.

(3)

Relevant amending instruments are S.I. 2016/649 and 2019/177.

(5)

The relevant amending instrument is S.I. 2019/504.

(6)

The relevant amending instrument is S.I. 2019/504.