UK: The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019

The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 were made last week. This statutory instrument - to quote directly from the accompanying explanatory memorandum (here, pdf) - "... continues the process of addressing failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom (UK) from the European Union (EU). This is intended to ensure that the frameworks for the application of international accounting standards under UK law, and for regulatory oversight and professional recognition of statutory auditors and third country auditors in the UK, work effectively following the UK’s withdrawal from the EU" (para. 2.1).