Part 16U.K.Audit

Chapter 2U.K.Appointment of auditors

General provisionsU.K.

[F1494AInterpretationU.K.

In this Chapter—

• [F2“audit committee” means a body which performs—

  (a)

  the functions referred to in—

  (i)

  rule 7.1.3 of the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority (audit committees and their functions) under the Financial Services and Markets Act 2000, or

  (ii)

  rule 2.4 of the Audit Committee Part of the Rulebook made by the Prudential Regulation Authority (audit committee) under that Act,

  as they have effect on IP completion day, or

  (b)

  equivalent functions.]

• F3...

• “Auditor General” means—

  (a)

  the Comptroller and Auditor General,

  (b)

  the Auditor General for Scotland,

  (c)

  the Auditor General for Wales, or

  (d)

  the Comptroller and Auditor General for Northern Ireland;

• “issuer” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 102A(6));

• “network” means an association of persons other than a firm co-operating in audit work by way of—

  (a)

  profit-sharing;

  (b)

  cost sharing;

  (c)

  common ownership, control or management;

  (d)

  common quality control policies and procedures;

  (e)

  common business strategy; or

  (f)

  use of a common name;

• “public interest [F4entity] ” means—

  (a)

  an issuer whose transferable securities are admitted to trading on a [F5UK regulated market];

  (b)

  a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council, [F6which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation];

  (c)

  [F7a person who would be an insurance undertaking as defined in Article 2(1) of Council Directive 91/674/EEC of 19 December 1991 of the European Parliament and of the Council on the annual accounts and consolidated accounts of insurance undertakings as that Article had effect immediately before IP completion day, were the United Kingdom a member State;]

• F8...

• F8...]