6.1 In this chapter, the PRA sets out proposals to correct and update a reference in Rule 2.4(5) in the Audit Committee Part of the PRA Rulebook (Appendix 14), and to correct an error in SS1/16 'Written reports by external auditors to the PRA' (Appendix 15).

6.2 This chapter is relevant to:

• Audit Committee - CRR firms, UK Solvency II insurance and reinsurance firms, and the Society of Lloyd's and managing agents; and

• Auditors - major UK banks and building societies, as set out in Chapter 8 of the Auditors Part of the PRA Rulebook.

Proposals

Audit Committee

6.3 A reference to the Statutory Auditors and Third Country Auditors Regulations 2016 in Audit Committee 2.4(5) needs to be updated. The PRA therefore proposes to amend 'the Statutory Auditors and Third Country Auditors Regulations 2016 (SI 2016/XXX) ' to 'the Statutory Auditors and Third Country Auditors Regulations 2016 (SI 2016/649) '.

Auditors

6.4 It has come to the PRA's attention that a reference to the PRA Rulebook in paragraph 5.1 of SS1/16 is incorrect. The PRA therefore proposes to amend 'Rule 7.11' to 'Rule 7.1'.

The PRA's statutory obligations

Cost benefit analysis