The Statutory Auditors and Third Country Auditors Regulations 2013

JurisdictionUK Non-devolved
CitationSI 2013/1672
Year2013
  • These Regulations may be cited as the Statutory Auditors and Third Country Auditors Regulations 2013.
  • These Regulations, except for regulations 1 to 3 and 13 to 17, come into force on 31st July 2013.
  • Regulations 1 to 3 and 13 come into force on 30th July 2013 and regulations 14 to 17 come into force on 1st October 2013.
  • The regulations listed in the Schedule are revoked to the extent indicated in the Schedule.
  • In these Regulations—
  • (1) The designated body must keep the register of third country auditors referred to in section 1239(1) (b) of the Act.the individual's name and address;the individual's registered number;an indication that the individual is a third country auditor;if responsible for audit work on behalf of a third country auditor which is a firm, the firm's name, address, registered number and, if it has a website, the website address;the name and address of that authority, andthe registration number which that authority has allocated to the third country auditor; andthe name and address of F18each third country competent authority that has authorised the individual to conduct audits in accordance with the law of a third country F19and the registration number (if any) which each one has allocated to the individual.the firm's name and address;the address of each of the firm's offices from which it carries out audits of F20UK-traded third country companies;its registered number;an indication that it is a third country auditor;its contact information and, if it has a website, its website address;its legal form;an owner or shareholder of the firm, ora member of the firm's administrative or management body;the name and address of every individual who performs audits of F21UK-traded third country companies on behalf of the firm and the registration number F22(if any) allocated to that individual by any F23third country competent authority or other body which has authorised the individual to conduct audits in accordance with the law of a third country;a list of the names and addresses of the other members of that network, oran indication of where that information is available to the public;the name and address of that authority, andthe registration number which that authority has allocated to it; andthe name and address of F25each third country competent authority that has authorised the firm to conduct audits in accordance with the law of a third country F26and the registration number (if any) which each one has allocated to the firm.(4) The register of third country auditors must be kept in electronic form.(5) The information on the register must be kept available for inspection by any person by electronic means, unless it is excluded in accordance with paragraph (6) .(6) Information on the register relating to an individual may be excluded from being made available for inspection if making the information so available would create or be likely to create a serious risk that the individual, or any other person, would be subject to violence or intimidation.(7) In this regulation—
    • Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts;
    • EEA competent authority” means a competent authority within the meaning of Article 2(10) of the Audit Directive of an EEA State;
    • network” means an association of persons other than a firm co-operating in audit work by way of—
      • (a) profit sharing,
      • (b) cost sharing,
      • (c) common ownership, control or management,
      • (d) common quality control policies and procedures,
      • (e) common business strategy, or
      • (f) use of a common brand name.
    (8) For the purposes of this regulation, Gibraltar is to be treated as if it were an EEA State and subject to the Audit Directive.(1) A third country auditor may apply to the designated body for registration.(2) An application for registration must be in writing.the information required for entry in the register (see regulation 6) , other than the registered number;the statement required by regulation 8 (application statement) ;evidence demonstrating that the matters included in the statement required by regulation 8 (application statement) are correct;the company's name and any number the company has by virtue of its incorporation,the third country or territory in which the company is incorporated or under the law of which it is formed,the accounting period to which the audit report relates, anda statement of the auditing standards and independence requirements applied to the audit; anda description of the third country auditor's internal quality control system,a statement of whether and, if so, when a quality assurance review has been carried out in respect of the third country auditor, andinformation required by the designated body about the outcome of a quality assurance review.(4) For the purposes of paragraph (3) (c) a statement by the third country competent authority which oversees or regulates the third country auditor to the effect that the

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