The revised Audit Regulations come into effect in October introducing changes to dispensations under regulation 2.19, with some additional minor amendments in line with the requirements of the Companies Act 2006.

The regulation 2.19 dispensation amendment clarifies that where a registered audit firm has breached eligibility requirements, a dispensation to allow it to continue as a statutory auditor is limited to no more than 90 days. This also comes into play where a firm fails the audit qualified majority ownership test.