The draft Statutory Auditors and Third Country Auditors (Amendment) (No 2) Regulations 2008 have been published by the Department for Business, Enterprise and Regulatory Reform. The regulations are being made to give effect to the European Commission's decision on transitional measures relating to the Statutory Audit Directive. Under those transitional measures, as noted in the July edition (p129), auditors from certain third countries are exempt from the regulatory requirements of the directive for a transitional period ending on 30 June 2010. The regulations amend the Statutory Auditors and Third Country Auditors Regulations 2007 by: (1) introducing new registration requirements for exempt third country auditors and requiring them to provide certain specified information to the Professional Oversight Board of the Financial Reporting Council; and (2) allowing the POB to remove exempt third country auditors from the register of such exempt auditors if they fail to provide the required information to the POB. DBERR's intention is that the regulations will come into effect at the end of October 2008.
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