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Auditors Duties of Auditors

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).

7.1

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An auditor of a firm must cooperate with the PRA in the discharge of its functions under any relevant legislation including by attending such meetings and supplying such information as the PRA reasonably requests about the firm to enable the PRA to discharge its functions under any relevant legislation.

7.2

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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

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

7.4

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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

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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

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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.