(This note is not part of the Regulations)

These Regulations make amendments to the UK’s audit regime.

In Part 2, regulation 3 grants provisional approval to the Chinese audit competent authorities under section 1240B of the Companies Act 2006 (c. 46) ("the Companies Act") in relation to the adequacy of their arrangements for co-operating with other national competent authorities on the exchange of audit working papers and investigation reports. Regulation 3 also removes the Indonesian competent authority from the list of competent authorities which have provisional approval, and extends the expiry date for the provisional approval for the South African competent authority.

Part 3 sets out procedures for approvals by the Secretary of State granted under sections 1240A and 1240B of the Companies Act. Chapter 1 of Part 3 (made under section 1240A) sets out procedures for the approval, provisional approval and transitional approval of third countries in relation to the comparability of their audit regulatory regime to the UK’s audit regulatory regime. Chapter 2 of Part 3 (made under section 1240B) sets out procedures for the approval and provisional approval of third country competent authorities as approved third country competent authorities in relation to the exchange of audit working papers and investigation reports.