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Application provision

1.1 This Part applies to:

  1. (1) every firm, except for an incoming firm that does not have a top-up permission; and
  2. (2) the external auditor of such a firm (if appointed under 2 or appointed under or as a result of a statutory provision other than in FSMA).

3.1

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Before a firm appoints an auditor, it must take reasonable steps to ensure that the auditor:

  1. (1) has the required skill, resources and experience to perform its functions under the regulatory system commensurate with the nature, scale and complexity of the firm's business and the requirements and standards under the regulatory system to which it is subject; and
  2. (2) is eligible for appointment as an auditor under any applicable laws.

3.2

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A firm must not appoint as auditor a person who is disqualified under Part XXII of FSMA (Auditors and Actuaries) from acting as an auditor either for that firm or for a relevant class of firm.

3.3

19/06/2014

firm must take reasonable steps to ensure that an auditor, which it is planning to appoint or has appointed, provides information to the PRA about the auditor's qualifications, skills, experience and independence in accordance with the reasonable requests of the PRA.