PART 8FINAL PROVISIONS
F1Review21
1
The Secretary of State must from time to time—
a
carry out a review of the regulatory provision in these Regulations to which amendments have been made by Part 3 of the Statutory Auditor Regulations 2017, and
b
publish a report setting out the conclusions of the review.
2
The first report must be published before 1st January 2023.
3
Subsequent reports must be published at intervals not exceeding 5 years.
4
Section 30(3) of the Small Business, Enterprise and Employment Act 2015 requires that a review carried out under this regulation must, so far as is reasonable, have regard to how Article 28 of Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC is implemented in other member States.
5
Section 30(4) of the Small Business, Enterprise and Employment Act 2015 requires that a report published under this regulation must, in particular—
a
set out the objectives intended to be achieved by the regulatory provision referred to in paragraph (1)(a),
b
assess the extent to which those objectives are achieved,
c
assess whether those objectives remain appropriate, and
d
if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.
6
In this regulation, “regulatory provision” has the same meaning as in sections 28 to 32 of the Small Business, Enterprise and Employment Act 2015 (see section 32 of that Act).