UK: The Local Audit (England and Wales) (Amendment) (EU Exit) Regulations 2019

The Local Audit (England and Wales) (Amendment) (EU Exit) Regulations 2019 were made last week: see here or here (pdf). The Regulations come into force on exit day, subject to a couple of exceptions: regulation 2 and regulation 6(1)(a)(i)(bb) and (ii) come into force on 1st January 2021. The purpose of the Regulations is explained in the accompanying explanatory memorandum (here, pdf) as follows (paras. 2.4 and 2.5):

This instrument ensures that upon the UK’s exit from the EU, the local audit regime will align as necessary with the approach being taken for the statutory audit regime (as amended by the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019).

It will set out transitional arrangements enabling EEA auditors currently working in the local audit regime to apply to have their qualifications recognised in the UK until 1st January 2021 but will allow them to continue to practise in the UK until then, whilst ensuring that, longer term, they meet new UK requirements.  It also ensures that the future recognition of third country auditors wishing to work in the UK audit market is fair and equal".