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(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) regulations 17 and 18;
(b) paragraphs 21 and 22 of Schedule 1;
(c) paragraphs 2(a), 4(b), 13(b) and 16(a) and (b) of Schedule 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) 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) 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) 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 1992 ,
(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 1986 ,
(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 2006 ,
(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 2014 as modified by Schedule 1 to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 ,
(e) an annual return, copy of a balance sheet or copy of an auditor’s report sent by a registered society to the registrar under section 48 of the Industrial and Provident Societies Act (Northern Ireland) 1969 as modified by Schedule 2 to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008,
(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) 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 2008 ,
before 1st January 2018.
(8) In this regulation—
“building society” means a building society within the meaning of the Building Societies Act 1986 ;
“company” means a company within the meaning of section 1(1) of the Companies Act 2006;
“financial year”—
in relation to building societies, has the meaning given by sections 117 and 117A of the Building Societies Act 1986 ;
in relation to companies, has the meaning given by section 390 of the Companies Act 2006;
in relation to friendly societies, has the meaning given by section 118 of the Friendly Societies Act 1992;
in relation to insurance undertakings, has the meaning given by regulation 2(6) of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008;
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 1992 ;
“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 registered society within the meaning given by section 1(1) of the Co-operative and Community Benefit Societies Act 2014; or
a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969.
Schedule 1 (amendments to primary legislation) contains amendments to primary legislation.
Schedule 2 contains amendments to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008.
Schedule 3 contains amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The Companies (Revision of Defective Accounts and Reports) Regulations 2008 are amended as follows.
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;
In regulation 5 (approval and signature of revised directors’ report), for “them” substitute “it”;
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) , 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 the report on the revised accounts or the revised report as they applied to the, or would have applied to a, report on the original annual accounts, strategic report, directors’ report or directors’ remuneration report,
(b) after paragraph (1) insert—
(1A) The modifications are that—
(a) for the references to the report on the company’s annual accounts in sections 495(1), 496(1) and 497(1) there were substituted a reference to the report under this regulation,
(b) the—
(i) requirements of the 2006 Act (and, where applicable, Article 4 of the IAS Regulation ) in accordance with which the revised accounts must have been prepared, referred to in section 495(3)(c),
(ii) the applicable legal requirements in accordance with which the revised strategic report and revised directors’ report must have been prepared, referred to in section 496(1)(a)(ii), and
(iii) the requirements of the 2006 Act in accordance with which the revised directors’ remuneration report must have been properly prepared, referred to in section 497(1)(b),
are construed in accordance with regulation 3.
(c) in paragraph (3)—
(i) omit the first paragraph;
(ii) after “The” insert “auditor’s”;
(iii) omit from “or (in the” to the end;
(d) omit paragraph (4).
In regulation 9 (auditor’s report on revised report alone)—
(a) for subsection (1) substitute—
(1) Subject to paragraph (2), where a company has revised its strategic report, directors’ report or directors’ remuneration report under section 454 of the 2006 Act but has not revised its annual accounts, a company’s current auditor shall make a report or (as the case may be) further report to the company’s members on any revised report prepared under section 454 of that Act if the relevant annual accounts have not been revised at the same time, and—
(a) subject to the modifications in paragraph (1A), the requirements of section s496 and 497 of the 2006 Act apply, as appropriate, to the report on the revised report as they applied to the, or would have applied to a, report on the original strategic report, directors’ report or directors’ remuneration report,
(b) section 498 of that Act (duties of auditor) applies with any necessary modifications, and
(c) section 495(1) does not apply with respect to the revised reports.
(1A) The modifications are that—
(a) for the references to the report on the company’s annual accounts in sections 496(1) and 497(1) there were substituted a reference to the report under this regulation,
(b) the—
(i) applicable legal requirements in accordance with which the revised strategic report and revised directors’ report must have been prepared, referred to in section 496(1)(a)(ii), and
(ii) requirements of the 2006 Act in accordance with which the revised directors’ remuneration report must have been properly prepared, referred to in section 497(1)(b),
are construed in accordance with regulation 3.
(b) omit paragraphs (3) and (4).
In regulation 11 (effect of revision of report), before “5” insert “4A, ”.
In regulation 18 (companies exempt from audit)—
(a) in the heading, after “477” insert “, 479A ”;
(b) after the first occurrence of “exemption from audit)”, insert “, 479A (subsidiary companies: conditions for exemption from audit)”.
In regulation 19 (modifications of the 2006 Act)—
(a) in paragraph (1), after both the second and third occurrences of “(as the case may be)”, insert “strategic report, ”;
(b) omit paragraph (2).
After regulation 20 (revocations etc) insert—
Review
(21)
(1) The Secretary of State must from time to time—
(a) carry out a review of the regulatory provision in these Regulations to which amendments have been made by Part 3 of the Statutory Auditor Regulations 2017, and
(b) publish a report setting out the conclusions of the review.
(2) The first report must be published before 1st January 2023.
(3) Subsequent reports must be published at intervals not exceeding 5 years.
(4) Section 30(3) of the Small Business, Enterprise and Employment Act 2015 requires that a review carried out under this regulation must, so far as is reasonable, have regard to how Article 28 of Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC is implemented in other member States.
(5) Section 30(4) of the Small Business, Enterprise and Employment Act 2015 requires that a report published under this regulation must, in particular—
(a) set out the objectives intended to be achieved by the regulatory provision referred to in paragraph (1)(a),
(b) assess the extent to which those objectives are achieved,
(c) assess whether those objectives remain appropriate, and
(d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.
(6) In this regulation, “regulatory provision” has the same meaning as in sections 28 to 32 of the Small Business, Enterprise and Employment Act 2015 (see section 32 of that Act).
The Statutory Auditors and Third Country Auditors Regulations 2016 are amended as follows.
In regulation 2 (interpretation), in the definition of “audit reporting requirements”—
(a) in paragraph (b), after “495, ” insert “496, ”;
(b) in paragraph (d), after “498A” insert “and 503 to 506”;
(c) in paragraph (f), after “495” insert “, 496”.
The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 is amended as follows.
In article 7 (transfer of functions)—
(a) in paragraph (6)(a), for “and the Statutory Auditors and Third Country Auditors Regulations 2017” substitute “, the Statutory Auditors and Third Country Auditors Regulations 2017 and the Statutory Auditors Regulations 2017”;
(b) in paragraph (6)(b), for “and the Statutory Auditors and Third Country Auditors Regulations 2017” substitute “, the Statutory Auditors and Third Country Auditors Regulations 2017 and the Statutory Auditors Regulations 2017”.
(1) The enactments listed in the table in Schedule 4 (revocations and repeals) are revoked or repealed to the extent specified.
(2) Other than in relation to entries 1 to 4 in the table , the revocations and repeals have effect in relation to financial years of qualifying banks beginning on or after 30th November 2018.
(3) In this regulation—
“financial year” has the meaning given by regulation 2(1) of the Bank Accounts Directive (Miscellaneous Banks) Regulations 2008 ;
“qualifying bank” has the meaning given by regulations 2(1) and 3 of those Regulations.
The Building Societies Act 1986 is amended in accordance with this Part of this Schedule.
In Schedule 10C (disclosure of auditor remuneration etc required in notes to accounts) —
(a) in paragraph 1—
(i) in sub-paragraph (1)(a), after “auditor” insert “, or an associate of the society’s auditor,”;
(ii) for sub-paragraph (6)(b) substitute—
(b) the notes to the individual accounts of—
(i) the society, and
(ii) a subsidiary of the society, where the subsidiary is included in the group accounts and the statutory auditor is the same for both the society and the subsidiary,
do not have to disclose the information required by that provision if the notes state that the group accounts are so required.
(b) for paragraph 2 substitute—
(2) The types of service in respect of which disclosure is required are—
(a) the auditing of accounts of any associate of the society;
(b) audit-related assurance services;
(c) taxation compliance services;
(d) any taxation advisory services not falling within paragraph (c);
(e) internal audit services;
(f) any assurance services not falling within paragraphs (a) to (e);
(g) any services relating to corporate finance transactions entered into, or proposed to be entered into, by or on behalf of the society or any of its associates not falling within paragraphs (a) to (f);
(h) any other non-audit services.
(c) in paragraph 3(1), for “2(j)” substitute “2(h)”.
In Schedule 11 (auditors: appointment, tenure) , after paragraph 3D insert—
(3DA)
(1) If—
(a) a building society appoints, or purports to appoint, an auditor or auditors, and
(b) the appointment or purported appointment is made in breach of paragraph 3B, 3C or 3D (requirements applying to appointment of auditors),
the appropriate authority may appoint another auditor or auditors in place of the auditor or auditors referred to in paragraph (a).
(2) The breach of paragraph 3B, 3C or 3D does not invalidate any report made under this Part by the auditor or auditors on the building society’s annual reports or accounts before the auditor or auditors are replaced under sub-paragraph (1) of this paragraph.
(3) But where the breach in question is a breach of paragraph 3D, sections 1248 and 1249 of the Companies Act 2006 (Secretary of State’s power to require second audit for companies) apply as if—
(a) the building society were a company;
(b) references to the Secretary of State were to the appropriate audit authority;
(c) references to the registrar of companies were to the FCA and, if the society is a PRA-authorised person, to the PRA;
(d) the auditor was not an appropriate person, or the auditors were not appropriate persons, for the period during which the audit was conducted;
(e) section 1248(9) was omitted.
(4) Within one week of becoming aware of the breach of paragraph 3B, 3C or 3D, the building society must give notice to the appropriate authority that the power under sub-paragraph (1) of this paragraph has become exercisable.
(5) If the building society fails to give the notice required by sub-paragraph (4), the society shall be liable on summary conviction—
(a) to a fine not exceeding level 3 on the standard scale; and
(b) in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continues;
and so shall any officer who is also guilty of the offence.
The Friendly Societies Act 1992 is amended is amended in accordance with this Part of this Schedule.
In Schedule 13F (disclosure of auditor remuneration etc) —
(a) in paragraph 1—
(i) in sub-paragraph(1)(a), after “auditor” insert “, or an associate of the society’s auditor,”;
(ii) for sub-paragraph (6)(b) substitute—
(b) the notes to the individual accounts of—
(i) the society, and
(ii) a subsidiary of the society, where the subsidiary is included in the group accounts and the statutory auditor is the same for both the society and the subsidiary,
do not have to disclose the information required by that provision if the notes state that the group accounts are so required.
(b) for paragraph 2 substitute—
(2) The types of service in respect of which disclosure is required are—
(a) the auditing of accounts of any associate of the society;
(b) audit-related assurance services;
(c) taxation compliance services;
(d) any taxation advisory services not falling within paragraph (c);
(e) internal audit services;
(f) any assurance services not falling within paragraphs (a) to (e);
(g) any services relating to corporate finance transactions entered into, or proposed to be entered into, by or on behalf of the society or any of its associates not falling within paragraphs (a) to (f);
(h) any other non-audit services.
(c) in paragraph 3(1), for “2(j)” substitute “2(h)”.
In Schedule 14A (appointment and removal of auditors: societies to which audit directive applies) , after paragraph 4 insert—
(4A)
(1) If—
(a) a friendly society appoints, or purports to appoint, an auditor or auditors, and
(b) the appointment or purported appointment is made in breach of paragraph 2, 3 or 4 (requirements applying to appointment of auditors),
the appropriate authority may appoint another auditor or auditors in place of the auditor or auditors referred to in paragraph (a).
(2) The breach of paragraph 2, 3 or 4 does not invalidate any report made under this Part by the auditor or auditors on the society’s annual reports or accounts before the auditor or auditors are replaced under sub-paragraph (1) of this paragraph.
(3) But where the breach in question is a breach of paragraph 4, paragraph 9 of Schedule 14 (appropriate authority’s power to require second audit) applies as if the auditor was, or auditors were, ineligible for appointment to that office for the period during which the audit was conducted.
(4) Within one week of becoming aware of the breach of paragraph 2, 3 or 4, the society must give notice to the appropriate authority that the power under sub-paragraph (1) of this paragraph has become exercisable.
(5) If a society fails to give the notice required by sub-paragraph (4), the society or branch shall be guilty of an offence and liable on summary conviction—
(a) to a fine not exceeding level 3 on the standard scale; and
(b) in the case of a continuing offence to an additional fine not exceeding one-tenth of that level for every day during which the offence continues;
and so shall any officer who is also guilty of the offence.
The Companies Act 2006 is amended in accordance with this Part of this Schedule.
In section 444 (filing obligations of companies subject to small companies regime) , after subsection (7) insert—
(8) If more than one person is appointed as auditor, the references in subsections (5B)(d)(i) and (7)(a) to the name of the auditor are to be read as references to the names of all the auditors.
In section 444A (filing obligations of companies entitled to small companies exemption in relation to directors’ report) , after subsection (4) insert—
(4A) If more than one person is appointed as auditor, the reference in subsection (4)(a) to the name of the auditor is to be read as a reference to the names of all the auditors.
In section 445 (filing obligations of medium-sized companies) , after subsection (6) insert—
(6A) If more than one person is appointed as auditor, the reference in subsection (6)(a) to the name of the auditor is to be read as a reference to the names of all the auditors.
In section 446 (filing obligations of unquoted companies) , after subsection (4) insert—
(4A) If more than one person is appointed as auditor, the reference in subsection (4)(a) to the name of the auditor is to be read as a reference to the names of all the auditors.
In section 447 (filing obligations of quoted companies) , after subsection (4) insert—
(5) If more than one person is appointed as auditor, the reference in subsection (4)(a) to the name of the auditor is to be read as a reference to the names of all the auditors.
In section 463 (liability for false or misleading statements in reports) —
(a) in subsection (1)—
(i) after “The reports” insert “and statements”; and
(ii) at the end insert—
(d) any separate corporate governance statement.
(b) in subsections (2) and (4), after “a report” (in each place) insert “or statement”; and
(c) in the heading, and in the italic heading before the section, after “reports” insert “and statements”.
In section 485 (appointment of auditors of private company: general), in subsection (5)(b), after “section 486” insert “or 486A”.
In section 486 (appointment of auditors of private company: default power of Secretary of State) , in subsection (1), omit “, 485A or 485B”.
After section 486 insert—
Defective appointments: default power of Secretary of State
(486A)
(1) If—
(a) a private company appoints, or purports to appoint, an auditor or auditors, and
(b) the appointment or purported appointment is made in breach of section 485A, 485B or 485C (requirements applying to appointment of auditors by public interest entities) ,
the Secretary of State may appoint another auditor or auditors in place of the auditor or auditors referred to in paragraph (a).
(2) The breach of section 485A, 485B or 485C does not invalidate any report made under Chapter 3 of this Part by the auditor or auditors on the company’s annual reports or accounts before the auditor or auditors are replaced under subsection (1) of this section.
(3) But where the breach in question is a breach of section 485C, sections 1248 and 1249 (Secretary of State’s power to require second audit) apply as if the auditor was not an appropriate person, or the auditors were not appropriate persons, for the period during which the audit was conducted.
(4) Within one week of becoming aware of the breach of section 485A, 485B or 485C, the company must give notice to the Secretary of State that the power under subsection (1) of this section has become exercisable.
(5) If the company fails to give the notice required by subsection (4), an offence is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(6) A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
In section 489 (appointment of auditors of public company: general), in subsection (5)(b), after “section 490” insert “or 490A”.
In section 490 (appointment of auditors of public company: default power of Secretary of State) , in subsection (1), omit “, 489A or 489B”.
After section 490 insert—
Defective appointments: default power of Secretary of State
(490A)
(1) If—
(a) a public company appoints, or purports to appoint, an auditor or auditors, and
(b) the appointment or purported appointment is made in breach of section 489A, 489B or 489C (requirements applying to appointment of auditors by public interest entities) ,
the Secretary of State may appoint another auditor or auditors in place of the auditor or auditors referred to in paragraph (a).
(2) The breach of section 489A, 489B or 489C does not invalidate any report made under Chapter 3 of this Part by the auditor or auditors on the company’s annual reports or accounts before the auditor or auditors are replaced under subsection (1) of this section.
(3) But where the breach in question is a breach of section 489C, sections 1248 and 1249 (Secretary of State’s power to require second audit) apply as if the auditor was not an appropriate person, or the auditors were not appropriate persons, for the period during which the audit was conducted.
(4) Within one week of becoming aware of the breach of section 489A, 489B or 489C, the company must give notice to the Secretary of State that the power under subsection (1) of this section has become exercisable.
(5) If the company fails to give the notice required by subsection (4), an offence is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(6) A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
In section 494ZA (the maximum engagement period) , in subsection (5), for “In this paragraph” substitute “In this section”.
In section 1221 (approval of third country qualifications) —
(a) for subsection (1A) substitute—
(1A) A declaration under subsection (1)(a) or (b) must contain provision to the effect that a person is not to be regarded as holding an approved third country qualification for the purposes of this Chapter unless the person—
(a) already holds a professional qualification which covers all the subjects which are covered by a recognised professional qualification and which are subjects of which knowledge is essential for the pursuit of the profession of statutory auditor, or
(b) holds a professional qualification which does not cover all those subjects and has met whichever of the requirements of subsection (1B) is specified in the declaration.
(1B) The declaration must specify that the condition in subsection (1A)(b) is satisfied in one of the following ways—
(a) only by passing an aptitude test in accordance with subsection (7A),
(b) only by completing an adaptation period in accordance with subsections (7C) and (7D), or
(c) either by passing an aptitude test in accordance with subsection (7A) or by completing an adaptation period in accordance with subsections (7C) and (7D), according to the choice of the person.
(b) in subsection (3)—
(i) in paragraph (a), after “third country, ” insert “taken with any requirement or requirements to be specified under subsection (1A),”;
(ii) in paragraph (b), for “subsection (2)” substitute “subsections (1A) or (2)”;
(c) in subsection (7A), for “(1A)” substitute “(1B)”;
(d) omit subsection (7B);
(e) before subsection (8) insert—
(7C) An adaptation period is a period, not exceeding three years, in which the person (“the applicant”) pursues the profession of statutory auditor under the supervision of another person who holds an appropriate qualification, subject to an assessment (“the ability assessment”) of the applicant’s ability to pursue the profession of statutory auditor in the United Kingdom.
(7D) The adaptation period must be completed, and the ability assessment must be carried out, in accordance with the rules and practices of a recognised supervisory body (see paragraph 7A of Schedule 10).
In Schedule 10 (recognised supervisory bodies) , after paragraph 7 insert—
(7A)
(1) The body must have rules and practices governing the adaptation period and the ability assessment referred to in section 1221 (approval of third country qualifications), and the following provisions of this paragraph apply in any case within that section.
(2) The body must have regard to the circumstances of each applicant in relation to the adaptation period, and the ability assessment, to be required of the applicant.
(3) The applicant may be required to undergo further training during the adaptation period.
(4) The applicant’s performance during the adaptation period must be assessed by the body.
(5) The body must determine the applicant’s professional status during the adaptation period.
The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 are amended in accordance with this Schedule.
In regulation 2 (interpretation)—
(a) in paragraph (1), in the definition of “registered society”, for paragraph (b) substitute—
(b) a registered society within the meaning given by section 1A(1) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 .
(b) in paragraph (4), after “Article” insert “ 4,”;
(c) in paragraph (5), after “annual accounts, ” insert “the strategic report, ”.
In regulation 3 (preparation of accounts by insurance undertakings)—
(a) in paragraph (1)(a), after “annual accounts” insert “, strategic report”;
(b) in paragraph (3)—
(i) for sub-paragraphs (a) to (d), substitute—
(da) Chapters 4, 4A (apart from sections 414CA and 414CB) and 5 of Part 15 (accounts and reports) and Chapter 1 of Part 16 (requirement for audited accounts) of the Companies Act 2006,
(ii) in sub-paragraph (i), before “6” insert “1A , ”.
In regulation 4 (publication of accounts), in paragraph (2)—
(a) for “section 39(5) of the Industrial and Provident Societies Act 1965 ” substitute “section 90(1) of the Co-operative and Community Benefit Societies Act 2014 ”;
(b) for “the Industrial and Provident Societies Act (Northern Ireland) 1969” substitute “the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969”.
In regulation 5 (penalties for non-compliance (accounts))—
(a) in paragraph (5), for “section” substitute “regulation”;
(b) omit paragraph (7).
In regulation 6 (appointment of auditors)—
(a) for paragraph (1) substitute—
(1) The sections of the Companies Act 2006 listed in paragraph (1A) apply in relation to the appointment of auditors of an insurance undertaking as if the undertaking was a private company which is also a public interest entity, subject—
(a) where the undertaking concerned is unincorporated, to any necessary modifications to take account of that fact, and
(b) to the modifications made by paragraph (2).
(1A) The sections of the Companies Act 2006 are—
(a) 485 (appointment of auditors of private company: general),
(b) 485A (appointment of auditors of private company: additional requirements for public interest entities with audit committees),
(c) 485B (appointment of auditors of private company: additional requirements for public interest entities without audit committees),
(d) 485C (restriction on appointment of auditor of private company which is a public interest entity),
(e) 486 (appointment of auditors of private company: default power of Secretary of State) ,
(f) 486A (defective appointments: default power of Secretary of State),
(g) 487 (term of office of auditors of private company) ,
(h) 488 (prevention by members of deemed re-appointment of auditor), and
(i) 494ZA (the maximum engagement period) .
(b) in paragraph (2), after sub-paragraph (b) insert—
(ba) in section 485A(4), the words after “Audit Regulation” are omitted;
(bb) in section 485B(4), the words after “must be drawn” are omitted;
(c) omit paragraphs (3) and (4).
In regulation 7 (functions of auditor)—
(a) in paragraph (1)—
(i) in the introductory words, before “company” insert “private”;
(ii) after sub-paragraph (a) insert—
(aa) section 496 (auditor’s report on strategic report and directors’ report) ;
(iii) omit sub-paragraph (c);
(b) omit paragraph (3).
In regulation 8 (signature of auditor’s report), omit paragraph (3).
After regulation 8 insert—
Offences in connection with auditor’s report and guidance
(8A) Sections 507 to 509 of the Companies Act 2006 apply in relation to an auditor’s report on an insurance undertaking’s annual accounts as they apply to an auditor’s report on a private company’s annual accounts, subject to the modification that references in those sections to provisions of the Companies Act 2006 are to be construed as references to those provisions as applied by these Regulations.
The Statutory Auditors Regulations 2017 (legislation.gov.uk, OGL v3.0). Retrieved via LawPlayer, https://lawplayer.com/uk/act/uksi-2017-1164
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