Brexit—statutory audit
Brexit—statutory audit

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Brexit—statutory audit
  • Audit, accounting and corporate reporting during the transition period
  • Key areas of the UK audit regime impacted by Brexit
  • Recognition of audit qualifications after 1 January 2021
  • Recognition of UK qualifications in EEA states
  • Recognition of EEA qualifications in the UK
  • Management and voting rights rules governing UK audit firms
  • Management and voting rights rules governing EEA audit firms
  • Third country audit firms
  • Audit after 1 January 2021
  • More...

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU. The UK is now regarded by the EU as a ‘third country’, ie it is a country that is not an EU Member State or a member of the European Free Trade Association (EFTA).

During the implementation period (until 11pm UK time on 31 December 2020), the UK and the EU sought to negotiate and enter into an agreement that would govern their future relationship. The framework for a future relationship was set out in a political declaration, the terms of which were agreed at the same time as the Withdrawal Agreement.

The EU–UK Trade and Cooperation Agreement (TCA), ie the post-Brexit trade deal between the UK and the EU, was finally agreed just days before IP completion day. Further to the agreement of the TCA, the European Union (Future Relationship) Bill was introduced to Parliament on 30 December 2020, and having completed all its Parliamentary stages in a single day, the Bill received Royal Assent as the European Union (Future Relationship) Act 2020. For the purposes of this Practice Note, the TCA and its associated agreements and the European Union (Future Relationship) Act 2020 shall be collectively referred to as the ‘Future Relationship Agreement’.

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