The United Kingdom left the European Union on 31 January 2020 and entered a period of transition which ended on 31 December 2020. As a result, new eligibility and qualification requirements for statutory auditors and audit firms in the United Kingdom and the Republic of Ireland took effect from 1 January 2021.
ACCA has published new Global Practising Regulations which set out the amended requirements. The new regulations were implemented on 1 January 2021. A summary of the key changes to the United Kingdom Audit Regulations 2016 and the Republic of Ireland Audit Regulations 2017 is provided in the Rulebook Commentary - 1 January 2021.