Statutory Audit Regulations 2010’

European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010

The Minister for Enterprise, Trade and Innovation has published the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010 (the "Regulations") to give effect to Directive 2006/43/EC on statutory audits.

The Regulations provide for an approval process for statutory auditors. They also provide for the establishment of a public register of auditors, contain detailed provisions with regard to public oversight of statutory auditors and set out provisions regarding the independence of auditors.

Of particular interest are the provisions requiring public-interest entities to establish audit committees. The Regulations also contain provisions in respect of the removal of auditors, the independence of auditors and the disclosure of auditor's remuneration in company accounts. For the purposes of the Regulations "public-interest entities" are defined as: