The Statutory Auditors Regulations 2017
| Jurisdiction | UK Non-devolved |
| Citation | SI 2017/1164 |
| Year | 2017 |
2017 No. 1164
Auditors
Insurance
Limited Liability Partnerships
The Statutory Auditors Regulations 2017
Made 28th November 2017
Laid before Parliament 30th November 2017
Coming into force in accordance with regulation 1(2) and (3)
The Secretary of State is a Minister designated1for the purposes of section 2(2) of the European Communities Act 19722in relation to auditors and the audit of accounts.
The Secretary of State, in exercise of the powers conferred by that section, by sections 15(a) and 17 of the Limited Liability Partnerships Act 20003and by sections 454(3) and (4) and 1292(1)(a) and (c) of the Companies Act 20064, makes the following Regulations.
PART 1
Introductory
Citation and commencement
1.—(1) These Regulations may be cited as the Statutory Auditors Regulations 2017.
(2) Subject to paragraph (3), these Regulations come into force on 1st January 2018.
(3) The following provisions of these Regulations come into force on 6th April 2018—
(a)
(a) regulations 17 and 18;
(b)
(b) paragraphs 21 and 22 of Schedule 1;
(c)
(c) paragraphs 2(a), 4(b), 13(b) and 16(a) and (b) of Schedule 2.
Application and interpretation
2.—(1) The amendments made by Part 1 of Schedule 1 have effect in relation to financial years of building societies beginning on or after 17th June 2016.
(2) The amendments made by Part 2 of Schedule 1 have effect in relation to financial years of friendly societies beginning on or after 17th June 2016.
(3) The amendments made by paragraphs 8 to 19 in Part 3 of Schedule 1 have effect in relation to financial years of companies beginning on or after 17th June 2016;
(4) The amendments made by Schedule 2 have effect in relation to financial years of insurance undertakings beginning on or after 17th June 2016.
(5) In Schedule 3—
(a)
(a) the amendments made by paragraphs 4 to 9 and 11 to 19 have effect in relation to financial years of limited liability partnerships beginning on or after 17th June 2016;
(b)
(b) the amendments made by paragraphs 2, 3 and 10 have effect in relation to financial years of limited liability partnerships beginning on or after 1st January 2017.
(6) Nothing in these Regulations makes any act or omission of any person occurring before 1st January 2018 an offence.
(7) These Regulations have no effect in relation to—
(a)
(a) copies of accounts and reports sent by the committee of management of a friendly society to the Financial Conduct Authority and, if appropriate, the Prudential Regulation Authority, under section 78(1) of the Friendly Societies Act 19925,
(b)
(b) copies of accounts and reports sent by the directors of a building society to the Financial Conduct Authority and, if appropriate, the Prudential Regulation Authority, under section 81(2) of the Building Societies Act 19866,
(c)
(c) copies of accounts and reports delivered by the directors of a company to the registrar under section 444, 444A, 445, 446 or 447 of the Companies Act 20067,
(d)
(d) an annual return, copy of a balance sheet or copy of an auditor’s report sent by a registered society to the Financial Conduct Authority under section 89 of the Co-operative and Community Benefit Societies Act 20148as modified by Schedule 1 to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 20089,
(e)
(e) an annual return, copy of a balance sheet or copy of an auditor’s report sent by a registered society to the registrar10under section 48 of the Industrial and Provident Societies Act (Northern Ireland) 196911as modified by Schedule 2 to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008,
(f)
(f) the accounts and reports in respect of an insurance undertaking which is not a registered society which are prepared or caused to be prepared in accordance with regulation 3 of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008, and
(g)
(g) copies of accounts and reports delivered by the designated members of an LLP to the registrar under section 444, 445 or 446 of the Companies Act 2006 as applied in respect of limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 200812,
before 1st January 2018.
(8) In this regulation—
“building society” means a building society within the meaning of the Building Societies Act 198613;
“company” means a company within the meaning of section 1(1) of the Companies Act 2006;
“financial year”—
(a) in relation to building societies, has the meaning given by sections 117 and 117A of the Building Societies Act 198614;
(b) in relation to companies, has the meaning given by section 390 of the Companies Act 2006;
(c) in relation to friendly societies, has the meaning given by section 118 of the Friendly Societies Act 1992;
(d) in relation to insurance undertakings, has the meaning given by regulation 2(6) of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008;
(e) in relation to limited liability partnerships, has the meaning given by section 390 of the Companies Act 2006 as it has been applied in respect of limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008;
“friendly society” means a friendly society within the meaning of the Friendly Societies Act 199215;
“insurance undertaking” has the meaning given by regulation 2(2) to (4) of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008;
“limited liability partnership” has the meaning given by section 1 of the Limited Liability Partnerships Act 2000;
“registered society” means—
(a) a registered society within the meaning given by section 1(1) of the Co-operative and Community Benefit Societies Act 2014; or
(b) a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969.
PART 2
Amendments to primary legislation
Amendments to primary legislation
3. Schedule 1 (amendments to primary legislation) contains amendments to primary legislation.
PART 3
Amendments to secondary legislation
Amendments to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008
4. Schedule 2 contains amendments to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008.
Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
5. Schedule 3 contains amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Amendments to the Companies (Revision of Defective Accounts and Reports) Regulations 2008
6. The Companies (Revision of Defective Accounts and Reports) Regulations 200816are amended as follows.
7. In regulation 2 (interpretation)—
(a) in the definition of “date of revision” in paragraph (1)—
(i) for “directors’ report” to “revised directors' remuneration” substitute “report or”;
(ii) before “5” insert “4A, ”;
(b) after the definition of “revised directors’ remuneration policy” insert—
““revised policy” means a revised revised directors’ remuneration policy prepared by the directors under section 454 of the 2006 Act, either through revision by replacement or revision by supplementary note; in the latter case the revised policy comprises the original directors’ remuneration policy together with the supplementary note;
“revised report” means a revised strategic report, revised directors’ report or revised directors’ remuneration report prepared by the directors under section 454 of the 2006 Act, either through revision by replacement or revision by supplementary note; in the latter case the revised report comprises the original strategic report, directors’ report or directors’ remuneration report together with the supplementary note;”;
(c) for the definitions of “revised report or policy” substitute—
““revised report or policy” means a revised report or a revised policy;”.
8. In regulation 5 (approval and signature of revised directors’ report), for “them” substitute “it”;
9. In regulation 7 (auditor’s report on revised accounts and revised report)—
(a) for the introductory words in paragraph (1) substitute—
“1 Subject to paragraph (2), where a company has revised its accounts and its strategic report, directors’ report or directors’ remuneration report under section 454 of the 2006 Act, a company’s current auditor or auditors shall make a report or (as the case may be) further report under section 495 of the 2006 Act (auditor’s report on company’s annual accounts)17, to the company’s members on those revised accounts and revised reports, and—
(za) subject to the modifications in paragraph (1A), the requirements of sections 495 to 497 of the 2006 Act apply, as appropriate, to...
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