UK Auditors only perform audit on UK companies will not be affected if Brexit no deal. However, Brexit no deal will affect UK Auditors that perform audit to UK companies operating in the European Economic Area (EEA) countries.
UK Audit qualification in EEA countries
First of all, your UK audit qualifications in the EEA country may not be valid if Brexit no deal. Currently, If you are able to sign audit reports with your UK audit qualification in an EEA country, you must contact the home country professional auditing authority.
Double check your eligibility as UK Auditor with UK audit qualification is still valid if Brexit no deal. Most likely, you would require to complete a new aptitude test or adaptation period. Alternatively, you may re-qualify by obtaining the relevant qualification.
UK Auditors audit EEA companies
Most importantly, if you expect to sign an audit report for an EEA company after Brexit no deal, check with the EEA home country auditing authority if you are still eligible to sign. If not, what steps you need to take for your audit opinion to be valid. The last resort is that you may require to resign as auditor if unable to obtain approval to act as an Auditor in the EEA country.
EEA Auditors in UK if Brexit no deal
EEA Auditors registered with UK professional accountancy bodies as statutory auditor do not need to take any action. Yahoo.
However, for new EEA qualified auditor working in the UK will have until 31 December 2020 to register as a statutory auditor. For this purpose, you must contact one of UK professional accountancy bodies. You would have to pass an aptitude test.
Auditors from Republic of Ireland generally not affected. With exception, auditors of CPA Ireland will need to take an aptitude test.