European Union - 8th
Company Law Directive 
DIRECTIVE
2006/43/EC
Article 2
Definitions
For the purpose of this Directive, the following definitions shall
apply:
1.
‘statutory audit’
means an audit of annual accounts or
consolidated accounts insofar as required by Community
law;
2.
‘statutory auditor’
means a natural person
who is approved
in accordance with this Directive
by the competent authorities of a Member State to
carry out statutory audits;
3.
‘audit firm’
means a legal person or any other entity,
regardless of its legal form,
that
is approved
in accordance
with this Directive by the competent authorities of a Member State to carry out statutory audits;
4.
‘third-country audit entity’
means an entity, regardless of
which carries out audits of the annual or
consolidated accounts of a company incorporated in a
third country;
5.
‘third-country auditor’
means a natural person who carries
out audits of the annual
or consolidated accounts
of a
company incorporated in a third country;
6.
‘group auditor’ means the statutory auditor(s) or audit
firm(s) carrying out the statutory
audit of consolidated
accounts;
7.
‘network’ means
the larger structure:
— which is aimed at cooperation and to which a statutory
auditor or an audit firm belongs,
and
— which is clearly aimed at profit- or cost-sharing or
shares common ownership, control or management,
common quality-control policies and procedures, a
common business strategy,
the use of a common
brand-name
or a significant part of professional
resources;
8.
‘affiliate of an audit firm’
means any undertaking, regardless
of its legal form, which is connected to an audit firm
by means of common ownership, control or management;
9. ‘audit report’ means the report referred to in Article 51a
of Directive 78/660/EEC and Article 37 of Directive
83/349/EEC issued by the statutory auditor or audit firm;
10.
‘competent authorities’
means the authorities or bodies
designated by law that are in
charge of the regulation and/or oversight of statutory auditors and audit firms or of
specific aspects thereof;
the reference to
‘competent authority’
in a specific article means a reference to the
authority or body(ies) responsible for the functions
referred to in that Article;
11.
‘international auditing standards’
means International Standards
on Auditing (ISA) and related Statements and Standards,
insofar as relevant to the statutory audit;
12.
‘international accounting standards’
means
International
Accounting Standards (IAS), International Financial
Reporting Standards (IFRS) and related Interpretations
(SIC-IFRIC interpretations), subsequent amendments to
those standards and related interpretations, and future standards
and related interpretations
issued or adopted by
the International Accounting Standards Board (IASB);
13.
‘public-interest entities’ means
entities governed by the law
of a Member State
whose transferable securities are
admitted to trading on a regulated market of any Member
State within the meaning of point 14 of Article 4(1) of
Directive 2004/39/EC, credit institutions as defined in
point 1 of Article 1of Directive 2000/12/EC of the European
Parliament and of the Council of 20 March 2000
relating to the taking up and pursuit of the business of
credit institutions (1) and insurance undertakings within
the meaning of Article 2(1) of Directive 91/674/EEC.
Member States
may also designate other entities as public interest
entities, for instance entities that are of significant
public relevance because of the nature of their business,
their size or the number of their employees;
14.
‘cooperative’
means a European Cooperative Society as
defined in Article 1 of Council Regulation (EC) No 1435/2003 of 22
July 2003 on the Statute for a European
Cooperative Society (SCE) (2), or any other cooperative for
which a statutory audit is required under Community law,
such as credit institutions as defined in point 1 of Article 1
of Directive 2000/12/EC and insurance undertakings
within the meaning of Article 2(1) of Directive 91/674/EEC;
(1) OJ L 126, 26.5.2000, p. 1. Directive as last amended by
Commission
Directive 2006/29/EC (OJ L 70, 9.3.2006, p. 50).
(2) OJ L 207, 18.8.2003, p. 1.
15.
‘non-practitioner’
means any natural person who, for
at least three years
before his or her involvement in the
governance of the public oversight system, has not carried
out statutory audits, has not held voting rights in an audit
firm, has not been a member of the administrative or
management body of an audit firm and has not been
employed by, or otherwise associated with, an audit firm;
16.
‘key audit partner(s)’ mean(s):
(a) the statutory auditor(s)
designated by an audit firm for
a particular audit engagement as being
primarily
responsible for carrying out the statutory audit on
behalf of the audit firm; or
(b) in the case of a group audit, at least the statutory auditor(s) designated by an audit firm as being primarily
responsible for carrying out the statutory audit
at the
level of the group
and the statutory auditor(s) designated
as being primarily responsible at the level of
material subsidiaries; or
(c) the statutory auditor(s) who
sign(s) the audit report.
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