1221 Approval of [third country] qualifications
1221 Approval of [third country] qualifications
Companies Act 2006 | Legislation

(1)     The Secretary of State may declare that the following are to be regarded for the purposes of this Chapter as holding an approved [third country] qualification—

(a)     persons who are qualified to audit accounts under the law of a specified [third country], or

(b)     persons who hold a specified professional qualification in accountancy obtained in a specified [third country].

[(1A)     A declaration under subsection (1)(a) or (b) must contain provision to the effect that a person is not to be regarded as holding an approved third country qualification for the purposes of this Chapter unless the person—

(a)     already holds a professional qualification which covers all the subjects which are covered by a recognised professional qualification and which are subjects of which knowledge is essential for the pursuit of the profession of statutory auditor, or

(b)     holds a professional qualification which does not cover all those subjects and has met whichever of the requirements of subsection (1B) is specified in the declaration.

(1B)     The declaration must specify that the condition in subsection (1A)(b) is satisfied in one of the following ways—

(a)     only by passing an aptitude test in accordance with subsection (7A),

(b)     only by completing an adaptation period in accordance with subsections (7C) and (7D), or