Regulation 79 Amendment of Regulation 537/2014

In Article 4 (audit fees)—

(a)

in paragraph 1, in the second subparagraph—

(i)

omit “Without prejudice to Article 25 of Directive 2006/43/EC, ”;

(ii)

for “the first subparagraph, contingent” substitute “paragraph 13 of Schedule 1 to the Statutory Auditor and Third Country Auditors Regulations 2016, ”;

(iii)

after the first instance of “fees” insert ““based on any form of contingency””;

(iv)

for “being contingent” substitute “being based on any form of contingency”;

(v)

for “a competent authority” substitute “the competent authority”;

(b)

in paragraph 2, in the first subparagraph—

(i)

omit “or the audit firm”;

(ii)

for “audited entity” in both places substitute “audited person”;

(iii)

for “controlled undertakings” in both places substitute “subsidiary undertakings”;

(iv)

for “financial statements” substitute “accounts”;

(c)

in paragraph 2, in the second subparagraph, for “Union or national legislation” substitute “legislation of any part of the United Kingdom”;

(d)

in paragraph 3, in the first subparagraph—

(i)

omit “or the audit firm or, where applicable, by the group auditor carrying out the statutory audit,”;

(ii)

omit “or audit firm or, as the case may be, group auditor,”;

(iii)

for “their independence” substitute “its independence”;

(iv)

omit “engagement”;

(v)

for “statutory auditor or audit firm” substitute “person who is eligible for appointment as a statutory auditor”;

(e)

in paragraph 3, in the second subparagraph—

(i)

omit “or audit firm or, as the case may be, by a group auditor carrying out the statutory audit”;

(ii)

for “or the audit firm or the group auditor, of such an entity or group of entities” substitute “of the public interest entity”;

(f)

omit paragraph 4.