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

According to Article 18 of Directive 2006/43/EC third-country audit entities have to notify the competent authorities in the Member States in charge of the public register without undue delay of any change of information contained in the public register (see FAQ no. 17). In practice, IAASA would expect to be notified, of any amendments to the information, … Continued

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Is there a registration fee?

An annual fee of €2,000 will be charged for each application, received on or after 10 August 2012 for registration under Commission Decision 2011/30/EU, amended by Commission Decision 2013/288/EU, and such fee is payable on submission of the application form. Applicants should pay the fee by a direct bank transfer (in euro) or by Euro cheque payable to … Continued

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What information provided in the form will be available on the public register?

The information provided under Items 1.1, 1.4 to 1.8 and 1.10 of Form A will be stored in the register in electronic form and shall be electronically accessible to the public.

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What is “necessary information”?

Applicants should provide information as to the outcome, the main shortcomings, and the main measures the applicant has undertaken to address the shortcomings and to prevent them from recurring. Where possible the applicant should provide a full copy of the last quality assurance review report, e.g. an inspection report issued by the competent body in … Continued

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What is an external quality assurance review?

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 a professional body under the supervision of an independent public oversight body, or An inspection by an independent public … Continued

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What should be included in the description of the applicant’s internal quality control system?

A description of the applicant’s internal quality control system should include at least a description of: The policies designed to provide reasonable assurance that the firm and its personnel comply with professional standards and regulatory and legal requirements, and that reports issued by the firm or engagement partners are appropriate in the circumstances, and The … Continued

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What is the difference between a registration as a third-country auditor/audit entity and registration as an audit firm in a Member State of the EU/EEA?

An entity should apply as a ‘third-country auditor/audit entity’ with a member state of the EU/EEA when it meets the criteria of FAQ no. 1. However, it is possible that a third-country auditor/audit entity may also be registered as an ‘audit firm’ in a member state of the EU/EEA when it wishes to carry out … Continued

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What is a network?

According to Article 2(7) of Directive 2006/43/EC a ‘network’ is: The larger structure which is aimed at cooperation and to which the applicant belongs, and Which is clearly aimed at profit- or cost-sharing or shares common ownership, control or management, or shares common quality-control policies and procedures, or shares a common business strategy, or shares the use of a common branch-name or shares a significant part … Continued

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What language should be used for registration purposes?

Applications to IAASA for registration under the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period and Fees) Regulations 2012 should be in English.

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Which countries are members of the EU/EEA?

Members of the EU: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom. Members of the EEA that are not members of the EU: Iceland, Liechtenstein and Norway.

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