Transitional provisions for Registration of certain Third Country Auditors

The EU Statutory Audit Directive (the Directive) provides for minimum regulatory requirements regarding statutory audits of EU companies. In addition, the Directive provides that, in respect of companies registered outside the EU and listed on EU regulated markets, third country auditors auditing such companies are

(i) required to meet certain criteria; and

(ii) to be registered in those EU member States in which such companies’ securities are listed.

The Directive further provides that, where a third country audit does not satisfy the above requirements, any audit report issued will not have legal validity in the EU.

Subsequent to the Directive having been adopted by the EU, the EU Commission has issued a Decision (2008/627/EC of 29 July 2008), the effect of which is to provide a transitional period for auditors from certain specified third countries. The effect of the Decision is that, subject to providing certain specified information to relevant EU authorities, auditors and audit entities from the relevant countries may continue to issue valid audit reports in the EU notwithstanding that the countries concerned have not yet been determined as being equivalent in the context of Article 45 of the Directive.

To avail of the foregoing transitional provisions, third country auditors and audit entities from the relevant countries who wish to continue to issue valid audit reports in respect of entities listed on a regulated market in Ireland must provide the requisite information to IAASA. The requiste forms for completion is this regard can be downloaded here:

1. in Microsoft Excel^© format for online completion

• Form A (for completion in all cases)

• Annex 1

• Annex 2

2. in portable document format (pdf) for manual completion

• Form A (for completion in all cases)

• Annex 1

• Annex 2

Auditors and audit entities from the following third countries are eligible to avail of the transitional arrangements provided for by the Decision:

Auditors and audit entities wishing to avail of the transitional provisions should direct any enquiries regarding this process to info@iaasa.ie and marked ‘RMS – Third country auditors’.

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