What EEA audit firms, EEA auditors, and those with EEA qualifications need to do from 1 January 2021.
Brexit transition: new rules for 2021
The UK has left the EU. This page tells you the new rules from 1 January 2021.
It will be updated if there’s new information about the UK’s deal with the EU that affects what you need to do.
Get your personalised list of actions and subscribe to email updates to find out when things change.
This guidance is for EEA auditors and audit firms. There’s different guidance for UK auditors and audit firms.
You don’t need to do anything if you’re already registered as a statutory auditor with a UK recognised professional body.
Register in the UK
You must register as a UK statutory auditor before 1 January 2021 if you’re working in the UK and want to sign audit reports here based on your EEA qualification. Registration on the basis of an EEA qualification is not possible from 1 January 2021.
Up to 31 December 2020 you can register with one of the UK’s Recognised Supervisory Bodies.
You will not need to register in the UK if you’re already registered in the Republic of Ireland with a Recognised Accountancy Body (RAB) that is also a RSB in the UK.
Registering as an EEA-based third country auditor of an EEA company listed on a UK regulated market
To carry out these audits you should register with the Financial Reporting Council.
You should do this as soon as possible from 1 January 2021.
Ownership of EEA audit firms
You may need to restructure to continue as an EEA approved firm if your required majority of qualified owners and managers includes:
- UK audit firms
- people with UK audit qualifications
Ownership of UK audit firms
From 1 January 2021 you cannot include an EEA auditor or firm in a UK firm’s required majorities of qualified owners and managers.
However you can include an EEA auditor or firm if they’re both:
- based in the Republic of Ireland
- registered with a Recognised Supervisory Body that is also a UK Recognised Supervisory Body