Commission Decision of 19 January 2011 on the equivalence of certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities of certain third country auditors and audit entities in the European Union (notified under document C(2011) 117) (Text with EEA relevance) (2011/30/EU)

• Published date: 20 January 2011
• Date of Signature: 01 April 2011
• Official Gazette Publication: Gazzetta ufficiale dell’Unione europea, L 15, 20 gennaio 2011,Diario Oficial de la Unión Europea, L 15, 20 de enero de 2011,Journal officiel de l’Union européenne, L 15, 20 janvier 2011,Diario Oficial de la Unión Europea, L 171, 30 de junio de 2011

2011D0030 — EN — 27.07.2016 — 002.001

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►B COMMISSION DECISION of 19 January 2011 on the equivalence of certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities of certain third country auditors and audit entities in the European Union (notified under document C(2011) 117) (Text with EEA relevance) (2011/30/EU) (OJ L 015 20.1.2011, p. 12)

Amended by:

		Official Journal
		No	page	date
►M1	COMMISSION REGULATION (EU) No 519/2013 of 21 February 2013	L 158	74	10.6.2013
►M2	COMMISSION IMPLEMENTING DECISION 2013/288/EU of 13 June 2013	L 163	26	15.6.2013
►M3	COMMISSION IMPLEMENTING DECISION (EU) 2016/1223 Text with EEA relevance of 25 July 2016	L 201	23	27.7.2016

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▼B

COMMISSION DECISION

of 19 January 2011

on the equivalence of certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities of certain third country auditors and audit entities in the European Union

(notified under document C(2011) 117)

(Text with EEA relevance)

(2011/30/EU)

Article 1

For the purpose of Article 46(1) of Directive 2006/43/EC, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the following third countries shall be considered equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the Member States in relation to audit activities concerning the annual or consolidated accounts for financial years starting from 2 July 2010:

1. Australia

2. Canada

3. China

▼M1 —————

▼B

5. Japan

6. Singapore

7. South Africa

8. South Korea

9. Switzerland

10. The United States of America.

▼M2

For the purpose of Article 46(1) of Directive 2006/43/EC, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the following third countries and territories shall be considered equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the Member States in relation to audit activities concerning annual or consolidated accounts for financial years starting from 1 August 2012:

(1) Abu Dhabi;

(2) Brazil;

(3) Dubai International Financial Centre;

(4) Guernsey;

(5) Indonesia;

(6) Isle of Man;

(7) Jersey;

(8) Malaysia;

(9) Taiwan;

(10) Thailand.

▼M3

For the purposes of Article 46(1) of Directive 2006/43/EC, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the following third countries meet requirements which shall be considered equivalent to those of Articles 29, 30 and 32 of that Directive in relation to audit activities concerning annual or consolidated accounts for financial years starting from 1 August 2016:

(1) Mauritius;

(2) New Zealand;

(3) Turkey.

▼B

Article 2

1. Member States shall not apply Article 45 of Directive 2006/43/EC in relation to auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in the third countries and territories listed in ►M2 Annex I ◄ to this Decision, as referred to in Article 45(1) of that Directive, for financial years starting during the period from 2 July 2010 to 31 July 2012, in cases where the auditor or audit entity concerned provides the competent authorities of the Member State with all of the following:

(a) the name and address of the auditor or audit entity concerned and information about its legal structure;

(b) where the auditor or the audit entity belongs to a network, a description of the network;

(c) the auditing standards and independence requirements which have been applied to the audit concerned;

(d) a description of the internal quality control system of the audit entity;

(e) an indication of whether and when the last quality assurance review...