Accountancy Profession (Accounting and Auditing Standards)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,598, 24 ta’ Ġunju, 2016

L.N. 233 of 2016

ACCOUNTANCY PROFESSION ACT

(CAP. 281)

Accountancy Profession (Accounting and Auditing Standards)

(Amendment) Regulations, 2016

In exercise of the powers conferred by article 8 and 8A of the

Accountancy Profession Act, the Minister for Finance, on the

recommendation of the Accountancy Board, has made the following

regulations

(1)

The title of these regulations is the Accountancy Citation, scope

Profession (Accounting and Auditing Standards) (Amendment) and

commencement.

Regulations, 2016, and these regulations shall be read and construed

as one with the Accountancy Profession (Accounting and Auditing S.L. 281.02

Standards) Regulations, hereinafter referred to as "the principal

regulations".

(2) These regulations implement certain provisions of

Directive 2014/56/EU.

(3) These regulations shall come into force on 17th June 2016.

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(a)

immediately after the definition "the Act" there

shall be added the following new definition

" "Board" means the Accountancy

Board

established by article 6 of the Act;";

(b)

immediately after the words "consolidated

accounts" in the definition "Statutory Audit Directive" there

shall be added the words "as amended by Directive 2014/56/EU

of the European Parliament and of the Council of 16 April

2014"; and

(c)

the definition "international auditing standards"

shall be substituted by the following new definition

" "international auditing standards" means

International Standards in Auditing (ISAs), International

Standards in Quality Control (ISQCI) and other related

Standards, insofar as they are relevant to the statutory

audit, issued from to time to time by the International

Auditing and Assurance Board (IAASB), a standard-

setting body designated by, and operating under the

auspices of, the International Federation of Accountants

(IFAC), which federation was established at the

International Congress of Accountants in Munich in 1977,

or any body succeeding the board by whatever name it may

be known;".

In the proviso to regulation 4 of the principal regulations,

for the words "covering the same subject-matter." there shall be

substituted the words "covering the same subject-matter:", and

immediately thereafter there shall be added the following new

"Provided further that in conducting the statutory audit of

small undertakings, the application of the auditing standards is

to be proportionate to the scale and the complexity of the

activities of such undertakings. The Board may take measures in

order to ensure the proportionate application of the auditing

standards of the statutory audits of small undertakings.".

€0.09