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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 audits of annual accounts or consolidated accounts required by the law of that member state (‘statutory audit according to Article 2 (1) of Directive 2006/43/EC’). Statutory audits may only be carried out by audit firms which are approved by the member state requiring the statutory audit (see Article 3 (1) of Directive 2006/43/EC).