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What does the third-country audit entity need to do to update registration information?

According to the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010, third country audit entities must notify the Authority of any change in information contained in the public register, relating to him, her, or it within one month from the relevant amendment.  Third-country audit entities will need to update all other information through the Annual Return.

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Is there a registration fee?

The European Communities (Statutory Audits) (Directive 2006/43/EC) (Amendment) Regulations 2013 (SI 67 of 2013) were signed into law on the 22 February 2013. SI67 of 2013 amended Regulation 118 (1) of the Regulations. In this regard, pursuant to Regulation 118 of the Regulations the Minister specified the following fees to be charged annually, as being sufficient to … Continued

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What information provided in the form will be available on the Companies Registration Office’s (‘CRO’) public register?

The information provided under Items 1.1 to 1.10, 2.1, 3.3, 4.1, 5.1, 6.1 and 7.1 of Form B will be stored in the CRO’s register in electronic form and shall be electronically accessible to the public. The CRO’s auditor search facility can be accessed here.

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What information is needed in respect of the “good repute” requirement?

Article 45 (5) (b) and (c) of Directive 2006/43/EC refer to the requirement of good repute according to Article 4 of this Directive in relation to members of the administrative or management body of the third-country audit entity as well as the third-country auditors.   Registration as a Third Country Audit Entity with IAASA under … Continued

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Why should it be in the interests of the applicant to provide voluntarily information on the external quality assurance

Information on the external quality assurance review is not a requirement for registration under Article 45 of Directive 2006/43/EC. However, since third-country audit entities registered under Article 45 are subject to inspection by EU audit regulatory authorities, providing this information will help the EU authorities to decide if and when inspection of the third-country audit … Continued

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What is an external quality assurance review (Item 11.0)?

The external quality assurance review can be: A peer review under the supervision of a professional body or an independent public oversight body; A review carried out by a professional body; A review carried out by as professional body under the supervision of an independent public oversight body; Or an inspection by an independent public … Continued

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What independence requirements are acceptable under Article 45 (5) (d) of Directive 2006/43/EC

Article 45 (5) (d) of Directive 2006/43/EC requires the relevant audits to be carried out in accordance with independence requirements according to Articles 22, 24 and 25 of the Directive or equivalent requirements. The relevant authorities in the Member States may accept independence requirements in accordance to the IFAC Code of Ethics or with the … Continued

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What auditing standards are acceptable under Article 45 (5) (d) of Directive 2006/43/EC

Article 45 (5) (d) of Directive 2006/43/EC requires the relevant audits to be carried out in accordance with international auditing standards as adopted in the EU in accordance with Article 26 of the Directive or with equivalent standards. To date the EU has not adopted international auditing standards. In the meantime IAASA will accept the … Continued

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What information should a transparency report contain?

A transparency report should normally contain the information as referred to in Article 40(1) of the Directive 2006/43/EC: A description of the legal structure and ownership of the third-country audit entity; Where the third-country audit entity belongs to a network, a description of the network and the legal and structural arrangements in the network; A … Continued

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Who are third-country auditors

Third-country auditors are those individuals designated by the applicant for a particular audit engagement listed under Item 9.0 of Form B as being primarily responsible for carrying out (or signing) the audit on behalf of the applicant or in the case of a group audit, at least the auditor(s) designated by the applicant as being primarily responsible … Continued

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