Companies Act 2014 section 1635

Transitional provisions relating to approval of certain statutory auditors

Section 1635 sets out the transitional arrangements that allow existing and in-process statutory auditors to carry out assurance of sustainability reporting without having to meet certain new qualification and training requirements, provided they instead acquire the necessary knowledge through continuing education.

• Statutory auditors already approved before 1 January 2024 are exempt from the new qualification requirements for sustainability reporting assurance set out in Section 1627 and Schedule 23
• Persons who were partway through the approval process on 1 January 2024 receive the same exemption, provided they complete that process by 1 January 2026
• All statutory auditors approved under this Part before 1 January 2026 must still acquire the necessary sustainability reporting knowledge through mandatory continuing education under Section 1638
• The continuing education must cover sustainability reporting and its assurance, including the specific subjects listed in Schedule 23