# The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019, Regulation 43

Extent: E+W+S+N.I.

In section 16 (grants to bodies concerned with accounting standards etc)—
(a) after subsection (2)(ea) , insert—
“(eb) assessing, and reporting to the Secretary of State on, the comparability of the audit regulatory regimes of third countries to the audit regulatory regime of the United Kingdom;
(ec) assessing, and reporting to the Secretary of State on, the adequacy of third country competent authorities, in relation to their ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports;”;
(b) in subsection (5)—
(i) after the definition of “accountancy functions” insert—
““audit regulatory regime” in relation to a country or territory, means the system of public oversight, quality assurance, investigations and sanctions for auditors in that country or territory;”;
(ii) after the definition of “company” insert—
““the competent authority” means the Financial Reporting Council Limited ;”;
(iii) after the definition of “subsidiary” insert—
““third country” means a country or territory other than the United Kingdom;
“third country competent authority” means a body established in a third country exercising functions related to the regulation or oversight of auditors.”.

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Source: https://www.legislation.gov.uk/uksi/2019/177/regulation/43 (the official version)
Page: https://openlegislation.uk/statutory-auditors-and-third-country-auditors-amendment-eu-exit-regulations-2019/regulation-43
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.