Regulation 80 Amendment of Regulation 537/2014

In Article 5 (prohibition of the provision of non-audit services)—

(a)

in paragraph 1, in the first subparagraph—

(i)

omit “or an audit firm”;

(ii)

omit “or the audit firm”;

(iii)

for “audited entity” substitute “audited person”;

(iv)

after “parent undertaking” insert “(incorporated or formed in any part of the United Kingdom)”;

(v)

for “controlled undertakings” substitute “subsidiary undertakings”;

(vi)

omit “within the Union”;

(vii)

in point (a), for “period audited” substitute “financial year of the accounts to be audited”;

(viii)

in point (b), for “the period referred to in point (a)” substitute “that period”;

(b)

in paragraph 1, in the second subparagraph—

(i)

in point (a)(iv), omit “or the audit firm”;

(ii)

in point (a)(v), omit “or the audit firm”;

(iii)

in point (b), for “audited entity” substitute “audited person”;

(iv)

in point (c), for “financial statements” substitute “accounts”;

(v)

in point (g)(ii), for “audited entity” substitute “audited person”;

(vi)

in point (h), for “audited entity’s” substitute “audited person’s”;

(vii)

in point (i)—

(aa)

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

(bb)

for “financial statements” substitute “accounts”;

(viii)

in point (j), for “audited entity” substitute “audited person”;

(ix)

in point (k)(i), for “financial statements” substitute “the accounts”;

(c)

omit paragraph 2;

(d)

in paragraph 4, in the first subparagraph—

(i)

omit “or an audit firm”;

(ii)

omit “or the audit firm”;

(iii)

for “audited entity” substitute “audited person”;

(iv)

after “parent undertaking” insert “(incorporated or formed in any part of the United Kingdom)”;

(v)

for “controlled undertakings” substitute “subsidiary undertakings”;

(vi)

for “Article 22b of Directive 2006/43/EC” substitute “paragraph 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016”;

(e)

in paragraph 4, omit the second subparagraph;

(f)

omit paragraph 5.