European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations, 2010 [S.I. No. 220 of 2010]

Version status: Revoked | Document consolidation status: Updated to reflect all known changes

Published date: 20 May 2010

European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations, 2010 [S.I. No. 220 of 2010]

	Introductory Text
	Part 1 Preliminary and General (regs. 1-3)
	Regulation 1 Citation and construction
	Regulation 2 Application
	Regulation 3 Interpretation
	Part 2 Miscellaneous Amendments - Amendments of Preliminary and General Nature, Amendments Adapting Certain Provisions of Companies Acts in Consequence of Directive, Etc. (regs. 4-15)
	Regulation 4 Amendment of Principal Act
	Regulation 5 Amendment of Companies (Amendment) Act 1986
	Regulation 6 Amendment of section 187 of Act of 1990
	Regulation 7 Amendment of section 188 of Act of 1990
	Regulation 8 Amendment of section 189 of Act of 1990
	Regulation 9 Amendment of section 190 of Act of 1990
	Regulation 10 Amendment of section 191 of Act of 1990
	Regulation 11 Amendment of section 192 of Act of 1990
	Regulation 12 Amendment of section 198 of Act of 1990
	Regulation 13 Amendment of sections 199 and 200 of Act of 1990
	Regulation 14 Amendments of Act of 2003
	Regulation 15 Revocation of certain secondary legislation
	Part 3 Designation of competent authorities (regs. 16-18)
	Regulation 16 Designation of competent authorities and meaning of "competent authority" and related expressions
	Regulation 17 Operation of provisions with regard to particular recognised accountancy bodies
	Regulation 18 Conflicts of interest to be avoided
	Part 4 Approval of Statutory Auditors and Audit Firms, Prohibition on Unapproved Persons Acting as Auditor, etc. (regs. 19-38)
	Chapter 1 Approval of Statutory Auditors and Audit Firms (regs. 19-29)
	Regulation 19 Applications for approval, general principle as to good repute, etc
	Regulation 20 Restriction as to the persons who may carry out statutory audits
	Regulation 21 Restriction on acting as statutory auditor
	Regulation 22 Restriction on acting as statutory audit firm
	Regulation 23 Offence for contravening Regulation 20, 21 or 22
	Regulation 24 Conditions for approval as statutory auditor
	Regulation 25 Transitional provision - deemed approval of persons qualified for appointment pursuant to Part X of Act of 1990
	Regulation 26 Appropriate qualification for purpose of Regulation 24(a)
	Regulation 27 Conditions for approval as statutory audit firm and transitional provision
	Regulation 28 Powers of Director of Corporate Enforcement
	Regulation 29 Evidence in prosecutions under Regulation 23
	Chapter 2 Aptitude Test (regs. 30-32)
	Regulation 30 Aptitude test to be passed
	Regulation 31 Scope of aptitude test
	Regulation 32 Adequate standards to be applied in administration of aptitude test
	Chapter 3 Withdrawal of approval (regs. 33-38)
	Regulation 33 Grounds for mandatory withdrawal in case of statutory auditor
	Regulation 34 Grounds for mandatory withdrawal in case of statutory audit firm
	Regulation 35 Appeals against withdrawal of approval
	Regulation 36 Amendment of section 24 of Act of 2003 to clarify relationship between powers thereunder and powers under these Regulations
	Regulation 37 Certain persons to be notified of withdrawal
	Regulation 38 Other persons to be notified of withdrawal
	Part 5 Standards and provisions applicable to statutory auditors and audit firms (regs. 39-62)
	Chapter 1 Standards for statutory auditors and audit firms (regs. 39-43)
	Regulation 39 Continuing education
	Regulation 40 Professional ethics
	Regulation 41 Independence and objectivity
	Regulation 42 Standards for purposes of Regulations 39 to 41
	Regulation 43 Arrangements for enforcement of standards
	Chapter 2 Confidentiality and Professional Secrecy (regs. 44-53)
	Regulation 44 Rules of confidentiality to apply
	Regulation 45 Supplemental provisions in relation to Regulation 44
	Regulation 46 Saving
	Regulation 47 Incoming statutory auditor or audit firm to be afforded access to information
	Regulation 48 Access by competent authority to audit documents
	Regulation 49 Access by competent authority with supervisory and other functions to documents in possession of competent authority
	Regulation 50 Professional privilege
	Regulation 51 No liability for acts done in compliance with Regulations
	Regulation 52 Restriction of section 31 of Act of 2003
	Regulation 53 Further amendment of section 31 of Act of 2003
	Chapter 3 Auditing Standards and Audit Reporting (regs. 54-57)
	Regulation 54 International auditing standards to be applied
	Regulation 55 Audit of group accounts - responsibility of group auditor
	Regulation 56 Further responsibility of group auditor
	Regulation 57 Amendment of section 193 of Act of 1990
	Chapter 4 Transparency report (regs. 58-61)
	Regulation 58 Transparency report
	Regulation 59 Contents of transparency report - general
	Regulation 60 Publication of transparency report
	Regulation 61 Specific requirements in relation to contents of transparency report
	Chapter 5 Duties to notify competent authority with supervisory and other functions in event of cessation of office by statutory auditor or audit firm and restrictions on their removal (reg. 62)
	Regulation 62 Amendment of Principal Act with regard to removal of auditors
	Part 6 Public Register (regs. 63-69)
	Regulation 63 Public register
	Regulation 64 Notification of information to competent authority with registration functions
	Regulation 65 Prohibition on certain acts unless registered
	Regulation 66 Obligation of statutory auditor or audit firm to notify certain information
	Regulation 67 Information must be signed
	Regulation 68 Transitional provision
	Regulation 69 Language of information to be entered in register
	Part 7 Independence (regs. 70-78)
	Regulation 70 Requirement for independence - general
	Regulation 71 Prohibited relationships - specific provisions to secure independence
	Regulation 72 Additional requirements in case of public-interest entities
	Regulation 73 Threats to independence and other information to be recorded
	Regulation 74 Non-intervention by certain persons in execution of audit
	Regulation 75 Restrictions with regard to fees
	Regulation 76 Additional reporting and other requirements in case of public-interest entities
	Regulation 77 Rotation of key audit partner in cases of public-interest entities
	Regulation 78 Moratorium on taking up management position in audited public-interest entity
	Part 8 Public Oversight and Quality Assurance of Statutory Auditors and Audit Firms (regs. 79-90)
	Chapter 1 Public Oversight (regs. 79-81)
	Regulation 79 Amendment of section 10 of Act of 2003
	Regulation 80 System of public oversight - responsibility of competent authority with supervisory and other functions
	Regulation 81 Further amendments of Act of 2003
	Chapter 2 Quality Assurance (regs. 82-86)
	Regulation 82 Competent authority with supervisory and other functions to engage in oversight of quality assurance
	Regulation 83 System of quality assurance to be put in place
	Regulation 84 Organisation of quality assurance system
	Regulation 85 Quality assurance review deemed to include individual auditors in certain cases
	Regulation 86 Right of competent authority as regards professional discipline
	Chapter 3 Systems of investigations and penalties (regs. 87-90)
	Regulation 87 System of investigation and penalties
	Regulation 88 Duty of each competent authority with regard to sanctions
	Regulation 89 Scope of penalties and publicity in relation to their imposition
	Regulation 90 Further amendment of section 24 of Act of 2003
	Part 9 Audit Committees (reg. 91)
	Regulation 91 Audit committees in respect of public-interest entities
	Part 10 Regulatory arrangements between Member States (regs. 92-111)
	Chapter 1 Cooperation with other Member States (regs. 92-107)
	Regulation 92 Cooperation with other Member States
	Regulation 93 Specific requirements with regard to cooperation
	Regulation 94 Confidentiality of information
	Regulation 95 Supplemental provisions in relation to Regulation 94
	Regulation 96 Obligation to supply information required for certain purposes and savingconcerning confidential information
	Regulation 97 Obligation of competent authority to gather information
	Regulation 98 Application of Regulation 94 to certain information
	Regulation 99 Requesting authority to be notified if its request not complied with
	Regulation 100 Grounds for refusing request for information
	Regulation 101 Use to which information may be put
	Regulation 102 References in Regulations 103 to 105 to counterpart authority
	Regulation 103 Counterpart authority to be notified of non-compliance with Directive
	Regulation 104 Counterpart authority may be requested to carry out investigation
	Regulation 105 Duty of competent authority to take certain action
	Regulation 106 Due consideration to be given to counterparty's request for investigation
	Regulation 107 Grounds for refusing request for investigation
	Chapter 2 Mutual recognition of regulatory arrangements between Member States (reg. 108)
	Regulation 108 Article 34 of the Directive - clarification of preceding Regulations' effect
	Chapter 3 Transfer of working papers to third-country competent authorities (regs. 109-111)
	Regulation 109 Transfer of audit documentation to third-country competent authority
	Regulation 110 Derogation from Regulation 109 in exceptional cases
	Regulation 111 Particulars of working arrangements to be notified
	Part 11 Third-Country Auditors (regs. 112-119)
	Chapter 1 International Aspects (reg. 112)
	Regulation 112 Approval of third-country auditor
	Chapter 2 Registration and oversight of third-country auditors and audit entities (regs. 113-119)
	Regulation 113 Registration of third-country auditors and audit entities
	Regulation 114 Application of Part 8 to registered third-country auditors and audit entities
	Regulation 115 Audit by non-registered auditor or audit entity - consequence
	Regulation 116 Conditions for registration of third-country auditor or audit entity
	Regulation 117 Competent authority with supervisory and other functions may assess matter of equivalence for purposes of Regulation 116(iv) in certain circumstances
	Regulation 118 Certain fees chargeable by competent authority with supervisory and other functions
	Regulation 119 Exemptions in case of equivalence
	Part 12 Miscellaneous (regs. 120-121)
	Regulation 120 Disclosure of auditors' remuneration, etc. in accounts
	Regulation 121 Saving for disciplinary proceedings in being
	Schedule 1 Information required, by Part 6, to be supplied and entered in Public Register
	Schedule 2 Standards relating to training and qualifications for approval of natural person as statutory auditor
	Given under
	Explanatory Note

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European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations, 2010 [S.I. No. 220 of 2010]

Table of Contents

Document Overview

European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations, 2010 [S.I. No. 220 of 2010]

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