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Authority designated as competent authority for the purposes third country auditor transitional provisions

26/06/2009

Friday, 26th June, 2009: IAASA has been designated as competent authority for the purposes of the European Communities (Transitional Period Measures in Respect of Third Country Auditors) Regulations 2009 (Statutory Instrument No 229 of 2009). Under the Regulations, which give effect to European Commission Decision 2008/627/EC of 29 July 2008, auditors and audit entities from certain third countries (i.e., certain non-EU Member States) may continue to issue audit opinions that are valid under EU law for a transitional period provided that they first provide the Authority with certain specified information. 
 
Under the Regulations, the Authority shall (i) make public the names and addresses of such third country auditors and audit entities; and (ii) draw attention to the fact that the third counties concerned have not yet been recognised as equivalent under the Directive 2006/43/EC (i.e. equivalent in terms of the requirements of Article 45 of Directive 2006/43/EC).
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