Amend the Companies Act 2006 and the Statutory Auditors and Third Country Auditors Regulations 2007, SI 2007/1856...
Commencement date
Partly on 1 September 2011; Partly on 1 October 2011; Fully on 31 July 2013
Summary
Amend the Companies Act 2006 and the Statutory Auditors and Third Country Auditors Regulations 2007, SI 2007/1856, to implement Commission Dec 2011/30/EU on the equivalence of certain third country for auditors and audit entities as well as a transitional period for audit activities of certain third country auditors and audit entities in the EU. Include the following auditor systems:
- public oversight
- quality assurance
- investigation, and;
- penalty systems
Provide a new shorter list of third countries that are subject to transitional arrangements. Introduce equivalence arrangements for the first time for certain third countries which previously had transitional status. Make technical changes to the arrangements and the way in which they and the equivalence arrangements apply.
Extend the requirements for monitoring of statutory audits, by the Recognised Supervisory Bodies and the Audit Inspection Unit of the Professional Oversight Board, to include third country audits
