Companies (Statutory Audits) Act 2018

(i) the Commission has not yet made a decision that the public oversight, quality assurance and investigation and penalty systems for third-country auditors and third-country audit entities meet requirements which shall be considered equivalent to those of Articles 29, 30 and 32 of the Audit Directive, or

(ii) such a decision was made but for a specified period of time which has now expired.

(2) Registration in the public register pursuant to subsection (1) shall have effect for a period of 12 months from the date on which the registration is effected.

(3) The undertaking referred to in subsection (1) is one—

(a) incorporated outside the European Union, not being a collective investment undertaking, and

(b) whose transferable securities are admitted to trading on a regulated market in the State.

(4) There shall accompany the indication in writing by a third-country auditor or third-country audit entity referred to in subsection (1) a notification, in such form and manner as the Supervisory Authority specifies, of the following information (in relation to the auditor or audit entity) to it.

(5) That information is the information referred to in paragraph 3 of Schedule 20 but does not include the information referred to in paragraph 1(b) or 2(b) (as applied by that paragraph 3) of that Schedule.

(6) Subsection (1) shall not apply if the undertaking referred to in that subsection is an issuer exclusively of outstanding debt securities for which one of the following applies:

(a) prior to 31 December 2010, the undertaking was admitted to trading on a regulated market, and the denomination per unit of which is at the date of issue at least €50,000 or, in case of debt securities denominated in another currency, equivalent, at the date of issue, to at least €50,000;

(b) from 31 December 2010, the undertaking was admitted to trading on a regulated market, and the denomination per unit of which is at the date of issue at least €100,000 or, in case of debt securities denominated in another currency, equivalent, at the date of issue, to at least €100,000.

(7) Section 1487 shall apply to third-country auditors and third-country audit entities so registered with the substitution of references to the recognised accountancy body for references to the Supervisory Authority and any other necessary modifications.

(8) Section 1488 shall apply, with any necessary modifications, to a notification of information by a third-country auditor or third-country audit entity under—

(a) subsection (4) to the Supervisory Authority, and

(b) section 1487, as applied by subsection (7), to that Authority.

(9) In subsection (3), ‘collective investment undertaking’ does not include such an undertaking of the closed-ended type.

Exemption from quality assurance

1574. (1) The Supervisory Authority may exempt from Chapter 7 a third-country auditor or third-country audit entity registered under Chapter 5 pursuant to section 1573 if a quality assurance review has, under another Member State’s or third country’s system of quality assurance, been carried out in relation to the auditor or audit entity during the 3 years preceding the making of the application.

(2) On the making of that application, if—

(a) the Supervisory Authority is satisfied that the quality assurance review referred to in subsection (1) has been carried out as referred to in that subsection, and

(b) the system of quality assurance referred to in that subsection has been assessed as equivalent in accordance with section 1580,

the Supervisory Authority shall grant the exemption and the third-country auditor or third-country audit entity shall be exempted from Chapter 7 accordingly.

Removal of third-country auditor or third-country audit entity registered in accordance with section 1573 from public register

1575. (1) Subject to subsections (2) and (3), the Supervisory Authority may require the Registrar, in the case of a third-country auditor or third-country audit entity registered pursuant to section 1573, to remove the third-country auditor or third-country audit entity from the public register if—

(a) the auditor or audit entity does not provide all the information or clarifications necessary for the renewal of his or her registration or does not pay the appropriate fee under section 1579, or

(b) the outcome of a quality assurance inspection or investigation and disciplinary process requires it.

(2) A third-country auditor or third-country audit entity the subject of a quality assurance inspection or investigation shall not be removed from the public register until the completion of that inspection or investigation.

(3) The Supervisory Authority shall not exercise its power under subsection (1) unless it has first given the third-country auditor or third-country audit entity concerned a reasonable opportunity, in the circumstances concerned, of making representations in writing on the grounds (which the Supervisory Authority shall make known to such auditor or entity) that the Supervisory Authority is minded to exercise such power.

(4) The Supervisory Authority shall, at such times as it thinks it appropriate to do so, issue guidelines with regard to what constitutes a reasonable opportunity referred to in subsection (3).

(5) The Supervisory Authority may publish on its website the name of the third-country auditor or third-country audit entity that has been removed from the public register in accordance with this section along with the reasons for such removal.

Audit by non-registered auditor or audit entity - consequence

1576. Without prejudice to section 1580 and unless section 1573(6) applies to it, an audit report provided by a third-country auditor or third-country audit entity concerning the accounts or consolidated accounts of an undertaking falling within section 1573(3) shall have no legal effect in the State if the third-country auditor or third-country audit entity that provides it is not registered under Chapter 5.

Conditions for registration of third-country auditor or third-country audit entity

1577. (1) The Supervisory Authority may cause to be registered a third-country auditor or third-country audit entity pursuant to section 1573 only if—

(a) where the applicant for registration is an audit entity (referred to in this section as the ‘potential registrant’), the applicant satisfies so many of the conditions specified in subsection (2) as are applicable to an entity, and

(b) where the applicant for registration is an auditor (also referred to in this section as the ‘potential registrant’), the applicant satisfies so many of the conditions specified in subsection (2) as are applicable to an individual.

(2) The conditions are as follows:

(a) the majority of the members of the administrative or management body of the potential registrant meet requirements equivalent to those of sections 1464 and 1472;

(b) the third-country auditor carrying out the audit on behalf of the potential registrant meets requirements equivalent to those of sections 1464 and 1472;

(c) the audits of the accounts or consolidated accounts referred to in section 1573(1) are carried out in accordance with international auditing standards as referred to in section 1526, as well as the requirements referred to in section 1491, or with equivalent standards and requirements;

(d) the potential registrant publishes annually on a website, being a website maintained by or on behalf of the potential registrant, a report which includes the information referred to in Article 13 of Regulation (EU) No 537/2014 in relation to the year concerned or the potential registrant complies with equivalent disclosure requirements.

Supervisory Authority may assess matter of equivalence for purposes of section 1577(2)(c)

1578. (1) For so long as the Commission has not taken, in accordance with the procedure referred to in Article 48(2) of the Audit Directive, the decision under Article 45(6) of that Directive in relation to the matter of equivalence of standards and requirements referred to in section 1577(2)(c), the Supervisory Authority may, for the purposes of that provision, make an assessment of that equivalence.

(2) When assessing the equivalence concerned, the Supervisory Authority shall use the general equivalence criteria established by the Commission in assessing whether the audits of the financial statements referred to in section 1573(1) are carried out in accordance with the standards and requirements referred to in section 1577(2)(c).

(3) The general equivalence criteria referred to in subsection (2) shall apply to all third countries.

Certain fees chargeable by Supervisory Authority

1579. (1) (a) For the purposes specified in paragraph (b), the Supervisory Authority may charge and impose annual fees, where necessary on an interim basis, having obtained the Minister’s consent and subject to paragraph (c), on a third-country auditor or third-country audit entity referred to in section 1573(1), in respect of registration, effected or provided in relation to the auditor or audit entity under and in accordance with this Part.

(b) Money received by the Supervisory Authority under this subsection may be used only for the purposes of meeting the Authority’s reasonable administrative expenses in performing its functions and exercising its powers under section 1573 and under any other provision of this Act that contains consequential or incidental provisions on, or in relation to, section 1573.

(c) The Supervisory Authority—

(i) shall submit the rationale for the level of fee to the Minister for approval before imposing a fee—

(I) initially when the fee is proposed, and

(II) at any time thereafter that the fee is proposed to be amended,

and

(ii) may charge fees on an annual basis to meet the reasonable administrative costs associated with the following tasks:

(I) the annual registration of such auditor or audit entity that is a statutory auditor or audit firm registered in a public register of a Member State pursuant to Articles 15 to 19 of the Audit Directive;

(II) the annual registration assessment and the annual registration of such auditor or audit entity that is not registered in a public register of a Member State pursuant to Articles 15 to 19 of the Audit Directive as a statutory auditor or audit firm.

(2) (a) For the purposes specified in paragraph (b), the Supervisory Authority may charge and impose fees, where necessary on an interim basis, having obtained the Minister’s consent and subject to paragraph (c), on a third-country auditor or third-country audit entity referred to in section 1573(1) in respect of the oversight, quality assurance and the related matters of investigation, discipline and penalties, effected or provided in relation to the auditor or audit entity under and in accordance with the relevant provisions.

(b) Money received by the Supervisory Authority under this subsection may be used only for the purposes of meeting the Authority’s reasonable administrative expenses in performing its functions and exercising its powers under section 930A, Chapter 7 and this Chapter and under any other provision of this Act that contains consequential or incidental provisions on, or in relation to, section 930A, Chapter 7 and this Chapter.

(c) The Supervisory Authority—

(i) shall establish criteria, as set out in subsection (3), for charging and imposing fees on a third-country auditor or third-country audit entity referred to in section 1573(1),

(ii) shall submit the criteria to the Minister for approval before imposing fees—

(I) initially when the criteria are established, and

(II) at any time thereafter that the criteria are amended,

(iii) may charge fees on an interim basis to meet the reasonable administrative costs associated with the functions of oversight, quality assurance and the related matters of investigation, discipline and penalties—

(I) before the function is performed,

(II) more than once, if necessary, during the performance of the function, and

(III) when the performance of the function is completed.

(3) Established criteria for charging and imposing fees on an interim basis on a third-country auditor or third-country audit entity referred to in section 1573(1) shall be based on costs incurred to meet the Supervisory Authority’s reasonable administrative expenses in relation to—

(a) location (including any necessary and consequential travel costs),

(b) the testing of the internal quality control system undertaken (including the time taken to review audit firms),

(c) the number and nature of the Irish relevant audit clients,

(d) how many third-country auditors are within the firm,

(e) staffing resources, being how many staff are required, at what level and for what period,

(f) expertise required (including the use (if any) of consultants located outside the State to undertake on-site inspections),

(g) the nature and significance of the findings (including the time allocated to inspection, drafting the report and follow-up to the recommendations),

(h) associated miscellaneous costs (including the translation of working papers relevant to the audit), and

(i) legal and other costs.

(4) Notwithstanding that the particular audit of a public-interest entity has been carried out by a statutory auditor, no fee under this section shall be imposed on the statutory auditor if he or she was designated by a statutory audit firm to carry out the audit, and the fees under this section shall, in those circumstances, be imposed on the statutory audit firm instead.

(5) A fee imposed under subsection (1) or (2) may, in default of payment, be recovered from the third-country auditor or third-country audit entity concerned as a simple contract debt in any court of competent jurisdiction.

Exemptions in case of equivalence

1580. (1) A third-country auditor or third-country audit entity may apply to the Supervisory Authority for an exemption from all or any of the provisions of sections 1573 and 1574 on the basis that the third-country auditor or third-country audit entity is subject to systems of public oversight, quality assurance and investigations and penalties in the third country concerned that meet requirements equivalent to those of section 930A, Chapter 7 and this Chapter.

(2) On the making of that application, if—

(a) the Commission has, in accordance with Article 46(2) of the Audit Directive, assessed the systems referred to in subsection (1) as meeting requirements equivalent to those in the corresponding provisions of the Audit Directive, and

(b) the Supervisory Authority is satisfied that the law of the third country concerned affords reciprocal rights to a statutory auditor or audit firm with regard to being granted corresponding exemptions under that law,

the Supervisory Authority may rely on the equivalence decided by the Commission, partially or entirely, and thus to disapply or modify the requirements in sections 1573 and 1574 partially or entirely and the third-country auditor or third-country audit entity shall be partially or entirely exempted accordingly.

(3) The Supervisory Authority shall notify the Commission of the main elements of its cooperative arrangements with systems of public oversight, quality assurance and investigations and penalties of the third country concerned, arising out of arrangements it has entered into with that third country for the purposes of the reciprocity referred to in subsection (2)(b).

Investigations and sanctions

1581. Sections 934 to 934I shall, with any necessary modifications, apply to third-country auditors and third-country audit entities as those sections apply to statutory auditors and audit firms and audited entities.

Chapter 22

Savings for disciplinary proceedings in being

Savings for disciplinary proceedings in being - 2010 Audits Regulations

1582. (1) Nothing in the Companies (Statutory Audits) Act 2018 (and, in particular, provisions amending this Act) affect disciplinary proceedings in being before 17 June 2016 by a recognised accountancy body against any of its members and, accordingly, those proceedings may be continued on and after that date by that body against the member or members concerned.

(2) If, as a result of proceedings referred to in subsection (1) in relation to a person referred to in that subsection, the person’s membership of the recognised accountancy body is terminated by the body or the body’s approval (howsoever expressed) of the person to act as an auditor is withdrawn, then any deemed approval of the person as a statutory auditor or audit firm by virtue of section 1471 ceases to have effect.

Savings for disciplinary proceedings in being - 2016 Audits Regulations

1583. (1) Nothing in the Companies (Statutory Audits) Act 2018 (and, in particular, provisions amending this Act) affect disciplinary proceedings (not being disciplinary proceedings referred to in section 1582(1)) in being before the date of commencement of section 3(6) of that Act by a recognised accountancy body against any of its members and, accordingly, those proceedings may be continued on and after that date by that body against the member or members concerned.

(2) If, as a result of proceedings referred to in subsection (1) in relation to a person referred to in that subsection, the person’s membership of the recognised accountancy body is terminated by the body or the body’s approval (howsoever expressed) of the person to act as an auditor is withdrawn, then any deemed approval of the person as a statutory auditor or audit firm by virtue of section 1471 ceases to have effect.

Savings for disciplinary proceedings in being - prescribed accountancy bodies

1584. Nothing in the Companies (Statutory Audits) Act 2018 (and, in particular, provisions amending this Act) affect disciplinary proceedings (not being disciplinary proceedings referred to in section 1582(1) or 1583(1)) in being before the date of commencement of section 3(6) of that Act by a prescribed accountancy body against any of its members and, accordingly, those proceedings may be continued on and after that date by that body against the member or members concerned.”.

52. Amendment of Schedule 5 to Principal Act

52. Schedule 5 to the Principal Act is amended by the substitution of the following paragraph for paragraph 5:

“5. A company or undertaking engaged in the business of accepting deposits or other repayable funds from the public and granting credit for its own account.”.

53. Amendment of Principal Act - insertion of Schedules

53. The Principal Act is amended—

(a) by the insertion of the text set out in Schedule 1 as Schedule 19 to that Act, and

(b) by the insertion of the text set out in Schedule 2 as Schedule 20 to that Act.

PART 3 Consequential Amendments

54. Definitions (Part 3)

54. In this Part—

“Act of 1893” means the Industrial and Provident Societies Act 1893;

“Act of 1896” means the Friendly Societies Act 1896.

55. Amendment of section 13 of Act of 1893

55. Section 13 of the Act of 1893 is amended—

(a) in subsection (1), by the substitution of “statutory auditors” for “public auditors”, and

(b) by the insertion of the following subsections after subsection (2):

“(3) None of the following persons shall be qualified to act as a statutory auditor of a society registered under this Act:

(a) an officer or servant of the society;

(b) a person who has been an officer or servant of the society within a period in respect of which accounts would fall to be audited by the person if he or she were appointed auditor of the society;

(c) a parent, spouse, civil partner, brother, sister or child of an officer of the society;

(d) a person who is a partner of or in the employment of an officer of the society;

(e) a person who is disqualified under this subsection for appointment as a statutory auditor of any other society that is a subsidiary or holding undertaking of the society or a subsidiary of the society’s holding undertaking;

(f) a person who is disqualified under section 1535 of the Companies Act 2014 for appointment as a statutory auditor of an undertaking that is a subsidiary or holding undertaking of the society.

(4) A person shall not act as a statutory auditor at a time when he or she is disqualified under subsection (3).

(5) If, during the person’s term of office as a statutory auditor, a person becomes disqualified under this section to act as a statutory auditor, the person shall thereupon vacate his or her office and give notice in writing to the society that he or she has vacated his or her office by reason of such disqualification.

(6) A person who contravenes subsection (4) or (5) shall be guilty of an offence under this Act.

(7) References in this section to an officer or servant do not include references to a statutory auditor.”.

56. Amendment of section 14 of Act of 1893

56. Section 14 of the Act of 1893 is amended, in subsection (2)—

(a) in paragraph (a), by the substitution of “statutory auditor” for “auditor or auditors”,

(b) by the substitution of the following paragraph for paragraph (d):

“(d) shall state whether the audit has been conducted by a statutory auditor and by whom.”,

and

(c) by the substitution of “report of the statutory auditor” for “report of the auditors”.

57. Amendment of section 16 of Act of 1893

57. Section 16 of the Act of 1893 is amended by the substitution of “statutory auditor” for “auditors”.

58. Penalties for certain offences

58. The Act of 1893 is amended by the substitution of the following section for section 68:

“68. (1) Every society, officer or member of a society, or other person, guilty of an offence under this Act for which no penalty is expressly provided herein, shall be liable to a class A fine.

(2) A person guilty of an offence under section 13 shall be liable—

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

(b) on conviction on indictment, to a fine not exceeding €50,000 or imprisonment for a term not exceeding 5 years, or both.”.

59. Amendment of section 75 of Act of 1893

59. Section 75 of the Act of 1893 is amended by the substitution of “statutory auditor” for “public auditor”.

60. Amendment of section 79 of Act of 1893

60. Section 79 of the Act of 1893 is amended by the insertion of the following definition:

“ ‘Statutory auditor’ shall have the same meaning as it has in section 2 of the Companies Act 2014;”.

61. Amendment of Schedule II to Act of 1893

61. Schedule II to the Act of 1893 is amended, in paragraph 8, by the substitution of “a statutory auditor” for “auditors or a public auditor”.

62. Amendment of section 26 of Act of 1896

62. Section 26 of the Act of 1896 is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) Every registered society and branch shall once in every year submit its accounts for audit to a statutory auditor.”,

and

(b) by the insertion of the following subsections:

“(3) None of the following persons shall be qualified to act as a statutory auditor of a society registered under this Act:

(a) an officer or servant of the society;

(b) a person who has been an officer or servant of the society within a period in respect of which accounts would fall to be audited by the person if he or she were appointed auditor of the society;

(c) a parent, spouse, civil partner, brother, sister or child of an officer of the society;

(d) a person who is a partner of or in the employment of an officer of the society;

(e) a person who is disqualified under this subsection for appointment as a statutory auditor of any other society that is a subsidiary or holding undertaking of the society or a subsidiary of the society’s holding undertaking;

(f) a person who is disqualified under section 1535 of the Companies Act 2014 for appointment as a statutory auditor of an undertaking that is a subsidiary or holding undertaking of the society.

(4) A person shall not act as a statutory auditor at a time when he or she is disqualified under subsection (3).

(5) If, during the person’s term of office as a statutory auditor, a person becomes disqualified under this section to act as a statutory auditor, the person shall thereupon vacate his or her office and give notice in writing to the society that he or she has vacated his or her office by reason of such disqualification.

(6) References in this section to an officer or servant do not include references to a statutory auditor.”.

63. Amendment of section 27 of Act of 1896

63. Section 27 of the Act of 1896 is amended, in subsection (2), by the substitution of the following paragraph for paragraph (c):

“(c) state whether the audit has been conducted by a statutory auditor and by whom.”.

64. Amendment of section 80 of Act of 1896

64. Section 80 of the Act of 1896 is amended, in subsection (1), by the substitution of “any other person” for “public auditor”.

65. Offence to contravene section 26(4) or (5)

65. The Act of 1896 is amended by the insertion of the following section after section 84:

“84A. (1) It shall be an offence under this Act if a person contravenes section 26(4) or (5).

(2) A person guilty of an offence under subsection (1) shall be liable—

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

(b) on conviction on indictment, to a fine not exceeding €50,000 or imprisonment for a term not exceeding 5 years, or both.”.

66. Amendment of section 100 of Act of 1896

66. Section 100 of the Act of 1896 is amended by the substitution of “statutory auditor” for “public auditor”.

67. Amendment of section 106 of Act of 1896

67. Section 106 of the Act of 1896 is amended by the insertion of the following definition:

“The expression ‘statutory auditor’ shall have the same meaning as it has in section 2 of the Companies Act 2014.”.

68. *Amendment of section 2 of Industrial and Provident Societies (Amendment) Act 1913*

68. The Industrial and Provident Societies (Amendment) Act 1913 is amended by the substitution of the following section for section 2:

“2. Every registered society shall once a year submit its accounts for audit to a statutory auditor.”.

69. *Amendment of section 10B of Ministerial and Parliamentary Offices Act 1938*

69. Section 10B of the Ministerial and Parliamentary Offices Act 1938 is amended—

(a) in subsection (6), by the substitution of “statutory auditor (within the meaning of section 2 of the Companies Act 2014)” for “public auditor”, and

(b) by the deletion of subsection (8).

70. Amendment of section 8 of Seanad Electoral (Panel Members) Act 1947

70. Section 8 of the Seanad Electoral (Panel Members) Act 1947 is amended, in subsection (2)(d)(I)(iii), by the substitution of “statutory auditor (within the meaning of section 2 of the Companies Act 2014)” for “public auditor”.

71. Amendment of section 25C of Electoral Act 1992

71. Section 25C of the Electoral Act 1992 is amended, in subsection (5)—

(a) in paragraph (c)(ii), by the substitution of “statutory auditor (within the meaning of section 2 of the Companies Act 2014)” for “public auditor”, and

(b) by the deletion of paragraph (d).

72. Amendment of section 114 of Credit Union Act 1997

72. Section 114 of the Credit Union Act 1997 is amended by the substitution of the following subsection for subsection (1):

“(1) A person shall not be qualified for election as auditor of a credit union unless the person is a statutory auditor within the meaning of section 2 of the Companies Act 2014.”.

73. Amendment of Electoral Act 1997

73. The Electoral Act 1997 is amended—

(a) in section 20—

(i) in subsection (2), by the substitution of “statutory auditor (within the meaning of section 2 of the Companies Act 2014)” for “public auditor”, and

(ii) by the deletion of subsection (4),

and

(b) in section 86—

(i) in subsections (1) and (4), by the substitution of “statutory auditor” for “public auditor” in each place that it occurs, and

(ii) by the substitution of the following subsection for subsection (6):

“(6) In this section, ‘statutory auditor’ has the meaning assigned to it by section 2 of the Companies Act 2014.”.

74. Amendment of Irish Collective Asset-management Vehicles Act 2015

74. The Irish Collective Asset-management Vehicles Act 2015 is amended—

(a) in section 2, by the deletion of the definition of “Audits Regulations”,

(b) in section 123, by the substitution of the following subsection for subsection (1):

“(1) No person other than—

(a) a statutory auditor or audit firm approved in accordance with Part 27 of the Companies Act 2014, or

(b) an audit firm registered in accordance with section 1465 of the Companies Act 2014,

shall be eligible for appointment as an auditor of an ICAV.”,

(c) in section 131, by the substitution of “section 1544 of the Companies Act 2014” for “Regulation 101 of the Audits Regulations”, and

(d) in section 139, by the substitution of “Chapter 11 of Part 27 of the Companies Act 2014” for “Chapter 3 of Part 4 of the Audits Regulations”.

75. Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011

75. The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) are amended—

(a) by the insertion of the following Regulation after Regulation 6 but in Part 2:

“Disapplication of sections 1099 to 1110 of Companies Act 2014 to UCITS

6A. For the avoidance of doubt, it is hereby declared that sections 1099 to 1110 of the Companies Act 2014 do not apply to UCITS.”,

and

(b) in Regulation 42A, in paragraph (5), in the substituted subsection for subsection (1) of section 376 of the Companies Act 2014, by the substitution of “section 366” for “section 367”.

SCHEDULE 1

“SCHEDULE 19

Section 1472

Standards Relating to Training and Qualifications for Approval of Individual as Statutory Auditor

(a) completed a course of theoretical instruction,

(b) undergone practical training, and

(c) passed an examination of professional competence which is of at least the standard required in the State for university final or equivalent examination level.

(2) The test of theoretical knowledge included in the examination shall include the following subjects in particular:

(a) general accounting theory and principles;

(b) legal requirements and standards relating to the preparation of entity and group financial statements;

(c) international accounting standards;

(d) financial analysis;

(e) cost and management accounting;

(f) risk management and internal control;

(g) auditing and professional skills;

(h) legal requirements and professional standards relating to statutory audit and statutory auditors;

(i) international auditing standards as referred to in section 1526;

(j) professional ethics and independence.

(a) company law and corporate governance;

(b) the law of insolvency and similar procedures;

(c) tax law;

(d) civil and commercial law;

(e) social security law and employment law;

(f) information technology and computer systems;

(g) business, general and financial economics;

(h) mathematics and statistics;

(i) basic principles of the financial management of undertakings.

(2) All such training shall be carried out with persons who a recognised accountancy body is satisfied possess, to an adequate standard, the ability to provide practical training.”.

SCHEDULE 2

“SCHEDULE 20

Section 1484

Information required, by Chapter 5 of Part 27, to be Supplied and Entered in Public Register

Statutory auditors

(a) the name and address of the auditor;

(b) the number under which the auditor is entered in that register;

(c) if applicable—

(i) the name and address and the website address (if any) of the statutory audit firm by which the auditor is employed, or with whom he or she is associated as a partner or otherwise, and

(ii) the number under which that statutory audit firm is entered in that register;

(d) the name and address of the recognised accountancy body responsible for the regulation of the auditor;

(e) if he or she is so registered with one or more recognised accountancy bodies, counterpart authorities or third-country competent authorities—

(i) particulars of his or her registration—

(I) as a statutory auditor, with each recognised accountancy body or counterpart authority and the name of each such body or authority, and

(II) as an auditor, with each third-country competent authority and the name of such authority,

and

(ii) the number under which he or she is registered with each such body or authority;

(f) without prejudice to subparagraph (e), with regard to the auditor’s status (if such be the case) as a Member State statutory auditor, the name and address of each counterpart authority responsible, in relation to him or her, for—

(i) approval as referred to in Article 3 of the Audit Directive,

(ii) quality assurance as referred to in Article 29 of the Audit Directive and Article 26 of Regulation (EU) No 537/2014,

(iii) investigations and sanctions as referred to in Chapter VII of the Audit Directive and Articles 23 and 24 of Regulation (EU) No 537/2014,

(iv) public oversight as referred to in Article 32 of the Audit Directive, and

(v) performing the functions provided for in Regulation (EU) No 537/2014 and for ensuring the provisions of that Regulation are applied as referred to in Article 20 of that Regulation.

Statutory audit firms and audit firms approved in another Member State

(a) the name and address of the audit firm;

(b) the number under which the audit firm is entered in that register;

(c) the legal form of the audit firm;

(d) the primary contact person in the audit firm and contact details;

(e) the address of each office in the State of the audit firm and the website address (if any) of the audit firm;

(f) the name of every individual employed by or associated as partner or otherwise with the audit firm who is approved as a statutory auditor under Part 27;

(g) the number under which that individual is entered in the register;

(h) the name and address of the recognised accountancy body responsible for the regulation of the audit firm in the State;

(i) the names and addresses of the owners of, or as appropriate, shareholders in, the audit firm;

(j) the names and addresses of the directors, or other members of, as appropriate—

(i) the board of directors,

(ii) the board of management, or

(iii) other administrative or management body,

of the audit firm (but where the audit firm comprises a partnership with no management structure, the provision of the address of each individual named, under subparagraph (f), as partner suffices);

(k) if applicable, the fact of the audit firm’s membership of a network and either—

(i) a list of the names and addresses of member firms and affiliates of the network, or

(ii) an indication of where such information is publicly available;

(l) if the audit firm is so registered with one or more counterpart authorities or third-country competent authorities—

(i) particulars of the firm’s registration—

(I) as a statutory audit firm, with each counterpart authority and the name of the authority,

(II) as an audit firm, with such third-country competent authority and the name of such authority, and

(III) as an audit firm approved in another Member State, who has registered in accordance with Article 3a of the Audit Directive,

and

(ii) the number under which the firm is registered with each such authority;

(m) without prejudice to subparagraph (l), with regard to the audit firm’s status (if such be the case) as a Member State statutory audit firm, the name and address of each counterpart authority responsible, in relation to it, for—

(i) approval as referred to in Article 3 of the Audit Directive,

(ii) where the audit firm is registered in the public register of another Member State pursuant to Article 3a of the Audit Directive and the State is its home Member State—

(I) the fact that the firm is so registered, and

(II) the name of the host Member State and the counterpart authority in the host Member State,

(iii) quality assurance as referred to in Article 29 of the Audit Directive and Article 26 of Regulation (EU) No 537/2014,

(iv) investigations and sanctions as referred to in Chapter VII of the Audit Directive and Articles 23 and 24 of Regulation (EU) No 537/2014,

(v) public oversight as referred to in Article 32 of the Audit Directive, and

(vi) performing the functions provided for in Regulation (EU) No 537/2014 and for ensuring the provisions of that Regulation are applied as referred to in Article 20 of that Regulation;

(n) where the audit firm is registered in the public register pursuant to Article 3a(3) of the Audit Directive with the State as its host Member State—

(i) the fact that the firm is so registered, and

(ii) the name of the home Member State and the counterpart authority in the home Member State.

Third-country auditors and third-country audit entities

(2) The provisions of paragraph 1 or 2, as the case may be, apply for the purposes of this paragraph save so much of them as are inapplicable in the case of a third-country auditor or third-country audit entity, as appropriate.

(3) Third-country auditors or third-country audit entities so registered shall be clearly indicated in the register as such and not as statutory auditors or audit firms.

Individual identification number and storage of information in electronic form

(a) in a case where the information entered in respect of the individual or firm is that provided under section 1485, the number notified under subsection (2)(b)(i) of that section to the Registrar,

(b) in any other case, such individual identification number as, subject to subparagraph (2), is determined and allocated by the Registrar,

and references in paragraphs 1 and 2 to the number under which any of the foregoing persons is entered in the register shall be read as references to that identification number.

(2) Instead of its allocating a number for the purposes of subparagraph (1)(b) that has been determined by it, the Registrar may—

(a) in specifying under any provision of Part 27 the form in which information is to be notified to it for registration (and the provision concerned of that Part does not itself provide for the notification of such a number), include in that specification a requirement that the form, as completed, includes an identification number allocated to the subject of the notification by the notifier of the information, and

(b) if the number so provided in that form is satisfactory for the purpose of distinguishing the subject from other registrants, allocate, for the purposes of subparagraph (1)(b), that number so provided.

(3) The information contained in that register shall be stored in electronic form and be capable of being accessed by members of the public by electronic means.

Definition