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AQR Scope of Retained Inspection September 2023

AQR Inspection Scope (with effect from 1 January 2021)

The typical categories of audit that the AQR is likely to inspect are summarised in the table below. It comprises the audits of PIEs, and certain non-PIE entities.

Firms that audit the entities specified below are subject to AQR inspections.

Scope Categories
Public Interest Entities (PIEs)
UK entities with transferable securities (equity/debt) admitted to trading on a UK regulated market
Credit institutions: UK incorporated banks not already included in any other category
Credit institutions: UK building societies
Credit institutions: UK credit institutions authorised by the Bank of England other than unlisted banks and building societies.
Insurance undertakings: Non-listed UK insurers1
Society of Lloyds
Other Entities in Scope
UK companies admitted for trading on AIM or NEX (other than the Main Board) with a market capitalisation of more than €200m, using the formula in MiFID II2
Lloyd's Syndicates
Non-UK (excluding the Crown Dependencies)3 entities, which are not incorporated in an equivalent or transitional country, with transferable securities (equity/debt) admitted to trading on a UK regulated market and audited by a UK Statutory Auditor.

Last updated September 2022

  1. Those UK insurers authorised by the Bank of England that are required to comply with the Solvency II Directive. ↩

  2. This formula is also set out under SME Listed Entity in the FRC's Glossary of Terms- Ethics and Auditing issued in December 2019. ↩

  3. Excluding entities incorporated in Jersey, Guernsey and the Isle of Man with transferable securities (equity/debt) admitted to trading on a UK regulated market which are subject to separate inspection arrangements. ↩

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Name AQR Scope of Retained Inspection September 2023
Publication date 27 September 2023
Type Scope and authority
Format PDF, 1.3 MB
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