Statutory guidance

The Companies Act 2006 (Recognition of Third Country Qualifications and Practical Training) (Amendment) Regulations 2024

The Companies Act 2006 (Recognition of Third Country Qualifications and Practical Training) (Amendment) Regulations 2024 amends section 1221 of the Companies Act 2006 and paragraph 9 of Schedule 11 to that act.

• From: Department for Business and Trade
• Published: 22 May 2024

Documents

Statutory instrument

PDF, 196 KB, 5 pages

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Explanatory memorandum

PDF, 125 KB, 7 pages

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Details

This Statutory Instrument (SI) amends the Companies Act 2006 so that auditors from other countries, beyond the European Economic Area, can provide practical training in audit, which can contribute to UK qualification requirements. It also makes it clearer how third country audit qualifications may be the subject of mutual recognition arrangements, by aligning the arrangements more with the recent Professional Qualifications Act 2022.

This will:

• enable practical training in audit, provided by an approved overseas auditor under appropriate arrangements, to be recognised by the UK qualifying bodies as contributing to a UK audit qualification

• remove barriers to Mutual Recognition Agreements on audit, particularly with jurisdictions beyond the EU

This has potential benefits to the UK skills base in audit, and the ability for UK and overseas audit firms to transfer specialist skills between them, so UK auditors and their firms can take advantage of new commercial opportunities beyond the EU.

Sent to sift on: 20 May 2024

Sifting status: Open

Published 22 May 2024