1. For the definition of “the designated body” in regulation 29 (interpretation) of the Statutory Auditors and Third Country Auditors Regulations 2007 M1, substitute—U.K.
““the designated body” means the Financial Reporting Council Limited;”.
Marginal Citations
M1S.I. 2007/3494, amended by S.I. 2008/2639; there are other amending instruments, but none is relevant.
2. For subsection (4)(a) of section 461 of the Act (permitted disclosure of information obtained under compulsory powers) as it applies to LLPs by virtue of regulation 24 of the 2008 Regulations, substitute—U.K.
“(a)for the purpose of assisting the Financial Reporting Council Limited to exercise it functions under Part 42 of this Act;”.
3. For subsection (1)(a) of section 525 of the Act (meaning of “appropriate audit authority” etc) as it applies to LLPs by virtue of regulation 46 of the 2008 Regulations, substitute:U.K.
“(a)in the case of a major audit (other than one conducted by an Auditor General), the Financial Reporting Council Limited;”.