The FRC published a consultation on procedures for de-registration of third country auditors. Third country auditors are required to register with the FRC and renew their registration on an annual basis.
Third country auditors (TCAs) are non-EU auditors of companies incorporated outside the European Economic Area (EEA) that have issued securities on UK regulated markets, principally on the main market of the London Stock Exchange.
The majority of the Secretary of State’s powers in relation to TCAs have been delegated to the FRC (Powers). The FRC Board is responsible for the exercise of the Powers, which include the power to remove TCAs from the Register of Third Country Auditors (Register) under certain circumstances.
To date the FRC has dealt with any non-compliance issues which could require a TCA registration to be withdrawn by engaging with the TCA to resolve the issue. However, in order to apply a consistent, efficient and transparent process for de-registration of TCAs between renewals (where the Board considers there to be grounds for removing a TCA from the Register) the FRC has now developed draft Third Country Auditor Register Procedures and invites feedback from interested parties to the questions set out in Section one of the consultation document on or before 16 December 2016.
Full press release
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