Accountancy Profession Act (Cap. 281), article 10A

10A. (1) By way of derogation from article 10(7), an audit firm which is approved in another Member State shall be entitled to perform statutory audits provided that the key audit partner who carries out the statutory audit on behalf of the audit firm com plies with article 3(1) and (2) and regulation 4(1) and (2) and regul ation 7 of the Accountancy Profession Regulations. S.L. 281.01 (2) Where an audit firm which qualifies under sub-article (1) wishes to carry out statutory audits, it shall register with th e Board in accordance with article 7(4) and (15) and regulation 6 of th e Accountancy Profession Regulations. (3) The Board shall register the audit firm if it is satisfied t hat the audit firm is registered with the competent authority in th e home Member State. Where the Board intends to rely on a certificate attesting to the registration of the audit firm in the home Member State, the Board may require that the certificate issued by the competent authority in the home Member State be not more than three months old. The Board shall inform the competent authority in the home Member State of the registration of the audit firm. Indemnity insurance and penalties for breach of duty. Amended by: XIII. 1983.5; XXXIV . 1986.5; XIV . 2003.10; L.N. 423 of 2007; IX. 2008.55; XXIII. 2009.35; XXXVI. 2016.10; XXI of 2020.