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Auditors Duties of Auditors

Application provision

1.1 The changes to this rule are effective from 23:00 on 31/12/2020.

This Part applies to:

  1. (1) every firm; 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).

7.1

25/01/2016

An auditor of a firm must cooperate with the PRA in the discharge of its functions under any relevant legislation.

7.2

19/06/2014

An auditor of a firm must give a skilled person appointed by the firm or appointed by the PRA in respect of the firm all assistance that person reasonably requires.

7.3

19/06/2014

An auditor of a firm must be independent of the firm when performing duties in respect of that firm.

7.4

19/06/2014

An auditor of a firm must take reasonable steps to be satisfied that no conflict of interest exists in respect of that firm from which bias may reasonably be inferred. The auditor must take appropriate action where this is not the case.

7.5

19/06/2014

An auditor must notify the PRA without delay if the auditor:

  1. (1) is removed from office by a firm;
  2. (2) is formally notified of such removal from office;
  3. (3) resigns before the term of office expires;
  4. (4) is not re-appointed by a firm; or
  5. (5) is disqualified from being the auditor of:
    1. (a) any undertaking or particular class of undertaking; or
    2. (b) any firm or particular class of firm.

7.6

19/06/2014

In the circumstances set out in 7.5, the auditor must notify the PRA without delay:

  1. (1) of any matter connected with the removal or ceasing of the office of auditor that the auditor thinks ought to be drawn to the PRA’s attention; or
  2. (2) that there is no such matter.