This SI addresses failures of retained EU law to operate effectively and other deficiencies arising from the UK’s withdrawal from the EU. It will ensure that the framework for the regulatory oversight and professional recognition of statutory auditors and third country auditors in the UK works effectively following the UK’s withdrawal from the EU. This instrument makes amendments to the legislation that implements the Audit Directive and to the retained UK version of the Audit Regulation. It also grants powers previously held by the European Commission, to the Secretary of State and to the FRC.
Also see EU Exit SI tracker