Retained EU Law SI 2014/537 United Kingdom

Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC (Text with EEA relevance)

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Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person6 Contractor1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Contractor — also bound by 173 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.art007 Irregularities Regulated
  • Auditors must report suspected irregularities to audited entities and authoritiesAny Person
s.art008 Engagement quality control review Regulated
  • Arrange independent quality control review before audit reportsAny Person
s.art010 Audit report Regulated
  • Statutory auditors must prepare audit reports with specified contentAny Person
s.art011 Additional report to the audit committee Regulated
  • Submit additional report to audit committee with detailed audit findingsAny Person
s.art013 Transparency report Regulated
  • Publish an annual transparency report about your audit practiceAny Person
s.art014 Information for competent authorities Regulated
  • Provide annual revenue breakdown from audited public-interest entities to competent authorityAny Person
s.art017 Duration of the audit engagement Regulated
  • Limit audit engagement to 10 years and rotate audit partners every 7 yearsContractor
37 other provisions — procedural and definitional
s.art001 Subject matter
s.art002 Scope
s.art003 Definitions
s.art004 Audit fees
s.art005 Prohibition of the provision of non-audit services
s.art006 Preparation for the statutory audit and assessment of threats to independence
s.art009 International auditing standards
s.art012 Report to supervisors of public-interest entities
s.art015 Record keeping
s.art016 Appointment of statutory auditors or audit firms
s.art018 Hand-over file
s.art019 Dismissal and resignation of the statutory auditors or the audit firms
s.art020 Designation of competent authorities
s.art021 Conditions of independence
s.art022 Professional secrecy in relation to competent authorities
s.art023 Powers of competent authorities
s.art024 Delegation of tasks
s.art025 Cooperation with other competent authorities at national level
s.art026 Quality assurance
s.art027 Monitoring market quality and competition
s.art028 Transparency of competent authority
s.art029 Obligation to cooperate
s.art030 Establishment of the CEAOB
s.art031 Cooperation with regard to quality assurance reviews, investigations and on-site inspections
s.art032 Colleges of competent authorities
s.art033 Delegation of tasks
s.art034 Confidentiality and professional secrecy in relation to cooperation among competent authorities
s.art035 Protection of personal data
s.art036 Agreement on exchange of information
s.art037 Disclosure of information received from third countries
s.art038 Disclosure of information transferred to third countries
s.art039 Exercise of the delegation
s.art040 Review and reports
s.art041 Transitional provisions
s.art042 National provisions
s.art043 Repeal of Commission Decision 2005/909/EC
s.art044 Entry into force

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.