The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2022 (SI 2022/762) have been published. The regulations make further amendments to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (2019 Regulations) by, briefly:
- Granting fresh approval as equivalent third countries to those third countries previously approved by paragraph 1 of Schedule 1 (Approval of Equivalent Third Countries and Transitional Third Countries) to the 2019 Regulations but not yet by the Secretary of State under section 1240A of the Companies Act 2006
- Amending Schedule 1 to the 2019 Regulations to remove the expiry date (being 31 July 2022) of the USA's current period of equivalence, so that it will be granted the status of an equivalent third country indefinitely. The regulations also amend Schedule 2 to the 2019 Regulations to remove the expiry date (being 31 July 2022) of the current period of provisional adequacy of the audit regulatory authorities of the United States (being the Public Company Accounting Oversight Board and the SEC), so that full adequacy will be granted to them indefinitely.
The regulations come into force on 27 July 2022.