The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020

JurisdictionUK Non-devolved
CitationSI 2020/108
Year2020
(1) These Regulations may be cited as the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020.in the case of Part 2, immediately before IP completion day;otherwise on the 21st day after the day on which these Regulations are made.(3) The amendments made by regulation 16 apply in relation to financial years beginning on or after 6th April 2020.
  • The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019
  • after the entry for “The Canadian Public Accountability Board” insert—
  • omit the entry for “The Finance Professions Supervisory Centre of Indonesia”;
  • in the entry for “The Independent Regulatory Board for Auditors of South Africa”, in column 2 for “31 July 2019” substitute
  • in paragraph 1, before sub-paragraph (a) insert—
    • (za) regulations 4 and 50(b) ;
  • regulations 4 and 50(b) ;
  • after paragraph 1 insert—
      (1A) In its continuing application in relation to audits of accounts for financial years that begin before IP completion day, section 479A(1) (b) of the Companies Act 2006 (including as modified by regulation 34A of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 ) must be treated as if the reference to a parent undertaking being established under the law of an EEA State included a reference to a parent undertaking being established under the law of any part of the United Kingdom.
  • In its continuing application in relation to audits of accounts for financial years that begin before IP completion day, section 479A(1) (b) of the Companies Act 2006 approval to a third country as an equivalent third country;provisional approval to a third country as an equivalent third country; ortransitional approval to a third country as a transitional third country;(2) In this Chapter, “relevant regulations” means regulations under section 1240A(1) of the Companies Act 2006 made by the Secretary of State.
  • For the purposes of these Regulations, the audit regulatory regime of a third country is comparable to that of the United Kingdom if there are comparable requirements to those in regulations 3, 5, 6 and 9 of the Statutory Auditors and Third Country Auditors Regulations 2016
  • (1) Before granting approval, provisional approval or transitional approval to a third country by relevant regulations, the Secretary of State may take into account a report prepared by the competent authority (2) The report of the competent authority may take account of any assessments of the third country's audit regulatory regime carried out by or on behalf of an equivalent third country or a transitional third country.approval as an equivalent third country unless the Secretary of State is satisfied that condition A is met;provisional approval as an equivalent third country unless the Secretary of State is satisfied that condition B is met; ortransitional approval as a transitional third country unless the Secretary of State is satisfied that condition C is met.(2) Condition A is that the third country has an audit regulatory regime that is comparable to that of the United Kingdom.the third country has an audit regulatory regime that is comparable to that of the United Kingdom; andthat comparability can reasonably be expected to have been established before the end of the period of provisional approval.the third country's audit regulatory regime will be comparable to that of the United Kingdom before the end of the period of transitional approval; orthe third country will make acceptable progress towards its audit regulatory regime being so comparable before the end of the period of transitional approval.from a date specified in the direction; orfor financial years beginning or ending on or after a date specified in the direction;(2) A suspension under paragraph (1) may be extended so that the suspension is for a total period of no longer than three years beginning on the date of the direction.(3) The Secretary of State may revoke a direction to suspend approval, provisional approval or transitional approval.any suspension of approval, provisional approval or transitional approval;any extension of such a suspension; andany revocation of a direction to suspend approval, provisional approval or transitional approval.any suspension of approval, provisional approval or transitional approval;any extension of such a suspension; andany revocation of a direction to suspend approval, provisional approval or transitional approval; andof that suspension;of any extension of that suspension; andwhere there is subsequently a revocation of the direction to suspend approval, provisional approval or transitional approval, of that revocation.approval granted for an indefinite period under Schedule 1 to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 is to be treated as if it were granted under relevant regulations on the basis that condition A were met;approval granted for a finite period of time under that Schedule is to be treated as if it were granted under relevant regulations on the basis that condition B were met;transitional approval granted under that Schedule is to be treated as if it were granted under relevant regulations on the basis that condition C were met.approval to a third country competent authority

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