Eligibility_Criteria.pdf

Here are the key points summarized in English:

Part A: Eligibility Criteria for Statutory Auditors

1. Registration: Firms must register with an RSB (Recognised Supervisory Body) to be eligible for appointment as a statutory auditor.
2. Good Reputation: The firm or individual should have a good reputation and not have been the subject of any adverse findings or sanctions.
3. Professional Qualifications: The firm or individual must hold relevant professional qualifications, such as those provided by the Institute of Chartered Accountants in England and Wales (ICAEW) or the Association of Chartered Certified Accountants (ACCA).
4. Voting Rights: Registered Auditors, third-country auditors who meet certain requirements, or a combination of these should hold at least a majority of the voting rights in the management board.
5. Continuing Obligations: A registered audit firm must continue to meet the requirements of the Eligibility Criteria.

Cessation of Registration

6. A firm will cease to be registered as eligible for appointment as a statutory auditor if:

• The RSB accepts an application to cancel registration
• The firm ceases to exist
• The RSB withdraws registration
• The firm is sanctioned by a competent authority enforcement procedure
• The firm is an EEA auditor and ceased to be eligible on IP completion day

Part B: Additional Eligibility Criteria for Statutory Auditors of PIEs

7. Each individual or firm eligible for appointment as a statutory auditor under Part A must also meet the requirements of the Public Interest Entity (PIE) Auditor Registration Regulations.

Note that these criteria are subject to change and individuals or firms should check with the Financial Reporting Council (FRC) for any updates or amendments.