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What are the requirements for registration as a third-country audit entity under Article 45?

A Member State can only register a third-country audit entity if:

    1. The third-country audit entity provides information for the public register, as required by Article 17 for EU audit firms with appropriate modification;
    2. A majority of the members of the administrative or management body of the third-country audit entity hold an audit qualification equivalent to that required for EU statutory auditors;
    3. Individual third-country auditors responsible for carrying out the audit on behalf of the third country audit entity hold an audit qualification equivalent to that required for EU statutory auditors;
    4. The third-country audit entity undertakes to carry out the relevant audits in accordance with international auditing standards,  or equivalent standards and in accordance with the minimum independence standards required by the Directive for EU audit firms  or equivalent standards;
    5. The third-country audit entity undertakes to publish an annual transparency report which includes information as required under Article 40 for EU audit firms, or meets equivalent disclosure requirements;
    6. The third-country audit entity and the individual third-country auditors are of good repute.