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Declaration Of Approval Of Third Country Qualification
Declaration of Approval of Third Country Qualification
Powers Exercised
1The Financial Reporting Council Ltd (the FRC) makes this declaration in exercise of the powers conferred upon the Secretary of State by section 1221(1)(b) of the Companies Act 2006 (the Act) to make a declaration approving a specified third country qualification.
2The power to make such a declaration was transferred to the FRC by Article 7(1) of the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc.) Order 2012 (the Order).
Commencement
3This declaration comes into force on:
- 31 December 2020 at 11pm; or
- On IP completion day if later than (a)
Interpretation
4In this declaration:
- "CPA Ireland" means the Institute of Certified Public Accountants in Ireland, a Recognised Accountancy Body in the Republic of Ireland that has been granted recognition under section 930 of the Companies Act 2014.
- "IP completion day” is as defined in the European Union (Withdrawal Agreement) Act 2020 section 39(1).
- "recognised professional qualification” means a professional qualification under sections 1219 and 1220 of and Schedule 11 to the Act.
Declaration
5The FRC declares that the following persons are to be regarded for the purposes of Chapter 2 of Part 42 of the Companies Act 2006 as holding an approved third country qualification:
- Persons who hold a CPA Professional Accountancy Qualification and Audit Qualification awarded by CPA Ireland in the Republic of Ireland (the CPA Qualification).
6This declaration is subject to the requirement under subsection (1A) of section 1221 that any person to whom this declaration relates must pass an aptitude test.
7An aptitude test required for the purposes of subsection (1A) must test the person's knowledge of subjects
- That are covered by a recognised professional qualification;
- That are not covered by the professional qualification already held by the person; and
- The knowledge of which is essential for the pursuit of the profession of statutory auditor in the United Kingdom.
8In making this declaration:
- the FRC is satisfied for the purposes of section 1221(3)(b) of the Act that the CPA Qualification, together with the aptitude test referred to in paragraph 6, affords an assurance of professional competence equivalent to that afforded by a recognised professional qualification.
- The FRC is satisfied for the purposes of section 1221(4)(b) of the Act that all persons who hold a corresponding recognised professional qualification are likely to be afforded comparable treatment in the Republic of Ireland, as provided for in the Memorandum of Understanding on Reciprocal Arrangements under the Companies Acts in the UK and Republic of Ireland, signed on 7 and 21 December 2020.
By order of the Board
2 December 2020
Signed: Name: Sir Jonathan Thompson Position: Chief Executive Officer Date: 3 December 2020 For and on behalf of The Financial Reporting Council Ltd
8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0)20 7492 2300 Fax: +44 (0)20 7492 2301 www.frc.org.uk The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered office: as above. Please see our privacy page if you would like to know more about how the FRC processes personal data or if you would like to stop receiving FRC news, events, outreach or research related communications.