Details

These draft regulations were laid before Parliament in May 2024 but have now been re-laid. Information from these regulations as re-laid can be found on The Companies Act 2006 (Recognition of Third Country Qualifications and Practical Training) (Amendment) Regulations 2025 page.

This Statutory Instrument (SI) amends the Companies Act 2006 so that auditors from other countries, beyond the European Economic Area, can provide practical training in audit, which can contribute to UK qualification requirements. It also makes it clearer how third country audit qualifications may be the subject of mutual recognition arrangements, by aligning the arrangements more with the recent Professional Qualifications Act 2022.

This will:

• enable practical training in audit, provided by an approved overseas auditor under appropriate arrangements, to be recognised by the UK qualifying bodies as contributing to a UK audit qualification

• remove barriers to Mutual Recognition Agreements on audit, particularly with jurisdictions beyond the EU

This has potential benefits to the UK skills base in audit, and the ability for UK and overseas audit firms to transfer specialist skills between them, so UK auditors and their firms can take advantage of new commercial opportunities beyond the EU.

Sent to sift on: 20 May 2024

Sifting status: OpenHas now been re-laid so this version will not be subject to further consideration.