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Home > Prudential Regulation Authority > Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries - PS1/16
 

Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries - PS1/16

21 January 2016

Overview

This Prudential Regulation Authority (PRA) Policy Statement sets out feedback and links to final rules, an associated supervisory statement, a new statement of policy on the imposition and amount of financial penalties on auditors and actuaries of PRA-authorised persons, and an amendment to the PRA’s statement of policy on statutory notices and the allocation of decision making which relates to the exercise of disciplinary powers over auditors and actuaries. The new and amended statements of policy are incorporated in the updated Statement of Policy ‘The Prudential Regulation Authority’s approach to enforcement: statutory statements of policy and procedure’, January 2016. The Policy Statement and other associated publications follow on from proposals in Consultation Paper 8/15 ‘Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries’ (see Related links).

The requirement for written auditor reporting to the PRA applies to the external auditors of the largest (ie with a balance sheet total greater than £50 billion – either individual or at consolidated group level) UK-headquartered deposit-taking institutions that are not subsidiaries of non-UK firms. The regime will commence during the audit cycle for financial reporting periods ending on or after 1 November 2016.

The Policy Statement includes the following appendices with links.

​Appendix 1 ​PRA RULEBOOK: NON-AUTHORISED PERSONS: WRITTEN REPORTS BY AUDITORS TO THE PRA INSTRUMENT 2016 available below.
​Appendix 2 ​Supervisory Statement 1/16 ‘Written reports by external auditors to the PRA’, see Related links.
​Appendix 3 ​Updated Statement of Policy ‘The Prudential Regulation Authority’s approach to enforcement: statutory statements of policy and procedure’, see Related links.

 

Policy Statement

Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries - PS1/16

PRA RULEBOOK: NON-AUTHORISED PERSONS: WRITTEN REPORTS BY AUDITORS TO THE PRA INSTRUMENT 2016 PRA 2016/1

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