The Statutory Auditors and Third Country Auditors Regulations 2016
S.I. 2016/649 · Made 15 June 2016 · Extends to United Kingdom
Companies
Auditors
Made 15th June 2016
Coming into force in accordance with regulation 1(1)
The Secretary of State is a Minister designated M1 for the purposes of section 2(2) of the European Communities Act 1972 M2 in relation to auditors and the audit of accounts.
The Secretary of State makes these Regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 1972, section 18A(1) and (3) and (6) of the Companies (Audit, Investigations and Community Enterprise) Act 2004 M3 and by sections 494(1), (2)(b) and (4)(a), 519A(5), 1241(2)(c), 1252(1) and (8) and 1292(1)(a), (2) and (4) of, and paragraph 11(2) of Schedule 13 to, the Companies Act 2006 M4.
In accordance with paragraph 2 of Schedule 2 to the European Communities Act 1972, sections 1252(11), 1290 and 1292(4) of the Companies Act 2006 and section 18A(8) of the Companies (Audit, Investigations and Community Enterprise) Act 2004, a draft of these Regulations has been laid before Parliament and approved by resolution of each House of Parliament.
Annotations to the whole text
Marginal citations
- M1
- M2
1972 c. 68. Section 2(2) was amended by section 27 of the Legislation and Regulatory Reform Act 2006 (c. 51) and section 3 of, and Part 1 of the Schedule to, the European Union (Amendment) Act 2008 (c. 7).
- M3
2004 c. 27. Section 18A was inserted by section 38 of the Small Business, Enterprise and Employment Act 2015 (c. 26): see section 18A(5) for the definition of “specified”.
- M4
Contents
- Part 1: Introduction
- 1Citation, commencement and application
- 2Interpretation
- Part 2: The Competent Authority
- 3The competent authority
- 4General requirements of auditors
- 5The competent authority: sanctioning powers
- 6Publication of sanctions and measures
- 7Enforcement of sanctions
- 8Recovery of financial penalties
- 9Monitoring of audits by the competent authority
- 10Investigation powers
- 11Performance, monitoring and enforcement of third country audit functions
- Part 3: Restrictions on choice of Auditor
- 12Contractual terms restricting choice of auditor
- Part 4: Miscellaneous
- 13Power to grant exemptions from the requirements of Article 4(2) of the Audit Regulation (limit on total fees charged for non-audit services)
- 13AProvision of non-audit services
- 14Amendment to the Partnerships (Accounts) Regulations 2008
- 15Amendments to the Companies Act 2006
- 16Amendments to the Building Societies Act 1986
- 17Amendments to other enactments
- 18Amendment of the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008
- 19Amendments to the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012
- 20Amendment of the Statutory Auditors and Third Country Auditors Regulations 2013
- 21Exclusion of large debt securities issuer from definition of “UK-traded third country company”
- 22Amendment of the Companies Act (Transfer of Audit Working Papers to Third Countries) Regulations 2010
- 23Amendment to the Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016
- 24Review
- Signature
- Schedule 1: Requirements for professional ethics, independence, objectivity, confidentiality, auditing standards and audit reporting
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- Schedule 2: Investigation Powers
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Schedule 3: Amendments to the Companies Act 2006
- Part 1: Introductory
- 1Paragraph 1
- 2Paragraph 2
- Part 2: Amendment to Part 15 of the Companies Act 2006
- 3Paragraph 3
- Part 3: Amendments to Chapters 2 to 4 of Part 16 of the Companies Act 2006
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- Part 4: Amendments to Part 38 of the Companies Act 2006
- 27Paragraph 27
- 28Paragraph 28
- Part 5: Amendments to Part 42 of the Companies Act 2006
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- 49Paragraph 49
- 50Paragraph 50
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53
- 54Paragraph 54
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- 69Paragraph 69
- 70Paragraph 70
- 71Paragraph 71
- 72Paragraph 72
- 73Paragraph 73
- Schedule 4: Amendments to Part 8 of the Building Societies Act 1986
- Part 1: Introductory
- 1Paragraph 1
- Part 2: Amendments to Part 8 of the Building Societies Act 1986
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- Schedule 5: Amendments to other enactments
- 1Amendments to Part 1 of the Companies (Audit, Investigations and Community Enterprise) Act 2004
- 2Amendments to Schedule 5 to the Local Audit and Accountability Act 2014
- Explanatory note