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Statutory Auditors (Examination) Instrument 2008

THE STATUTORY AUDITORS (EXAMINATIONS) INSTRUMENT 2008

POB 03/2008

Powers exercised

A. The Professional Oversight Board makes this instrument in exercise of the power conferred on the Secretary of State by paragraph 8(1)(a) of Schedule 11 to the Companies Act 2006 (c.46) ("the Act") (examination) to make regulations prescribing the theoretical knowledge of subjects required in relation to an examination referred to in that paragraph.

B. The power to make such regulations was transferred to the Professional Oversight Board by Article 3(1)(c) of the Statutory Auditors (Delegation of Functions etc) Order 2008 (“the Order") made under sections 504(1)(b)(ii), 1252(1), (4)(a), (5) and (8) and 1253(4) of, and paragraphs 7(3), 11(2) and 3(a) of Schedule 13 to the Act which came into force on 1st March 2008 for the purpose of the transfer.

C. This instrument is made by the Professional Oversight Board subject to the provisions of the Order and of Schedule 13 to the Act.

Citation and commencement

1. (1) This instrument may be cited as the Statutory Auditors (Examinations) Instrument 2008. (2) This instrument comes into force on 6th April 2008.

Subjects for which theoretical knowledge required

2. The subjects listed in the Schedule to this instrument are prescribed for the purposes of paragraph 8(1) of Schedule 11 to the Act.

By Order of the Board 3 April 2008

Signed on behalf of the Board

Sir John Bourn, KCB, Chairman

SCHEDULE

Regulation 2

  1. General accounting theory and principles.
  2. Legal requirements and standards relating to the preparation of annual and consolidated accounts.
  3. International accounting standards.
  4. Financial analysis.
  5. Cost and management accounting.
  6. Risk management and internal control.
  7. Auditing and professional skills.
  8. Legal requirements and professional standards relating to statutory audit and statutory auditors.
  9. International auditing standards.
  10. Professional ethics and independence.
  11. Those aspects of the following which are relevant to auditing –
  1. company law and corporate governance;
  2. the law of insolvency and similar procedures;
  3. tax law;
  4. civil and commercial law;
  5. social security law and employment law;
  6. information technology and computer systems;
  7. business, general and financial economics;
  8. mathematics and statistics;
  9. basic principles of the financial management of undertakings.

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Name Statutory Auditors (Examination) Instrument 2008
Publication date 27 September 2023
Format PDF, 17.0 KB
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