Information on the Public Audit Register – Reminder for audit firms

The Institute’s Professional Standards Department recently wrote to all audit compliance principals in relation to the obligations of audit firms with regard to information on the Public Audit Register.  In this letter, audit firms are reminded of the legal and regulatory obligations to:

• Notify the Institute, within ten business day, of certain changes in relation to an audit firm (specified in Audit Regulation 2.11).  It is not appropriate to wait until the submission of the next firm annual return.
• Provide complete and correct information in the firm annual return and check standing data for accuracy
• Provide details of the members of the audit firm’s management board – a firm which does not have a management board separate from the firm principals/shareholders should provide the names of the principals/shareholders in that regard
• Consider the definition of ‘network firm’ in the Audit Regulations (2.12) and provide details in relation to any network to which the audit firm belongs.

It is important to give careful attention to the reminders in this letter.  A failure to provide the appropriate information on a timely basis is a breach of the Audit Regulations which could result in regulatory action, including regulatory penalties, and may also constitute an offence under company legislation.