Hard Brexit Impact Analysis

Page 47 of 106 Category If no agreement is reached: Consequence EU Document Finance statutory audits Cooperation of EU statutory auditors and audit firms with competent authorities of the United Kingdom: As of the withdrawal date, In accordance with Article 23(5), second subparagraph (on confidentiality and professional secrecy) of the Statutory Audit Directive, the statutory auditor or audit firm approved in a Member State that carries out the statutory audit of an undertaking in the EU which forms part of a group of undertakings whose parent undertaking is in the United Kingdom or of an undertaking in the EU which has issued securities in the United Kingdom may only transfer audit working papers or other documents related to the audit of the audited undertaking in the EU to the competent authorities of the United Kingdom under the conditions set out in Article 47 of the Statutory Audit Directive. In particular, this requires the agreement of the Member State concerned and the existence of reciprocity arrangements between the competent authorities. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF STATUTORY AUDIT Food Animal Feed UK applicants (natural or legal persons) requesting to update the list of PARNUTs (general provisions for the following limited number of well- established and defined categories of food that are considered as essential for certain vulnerable groups of the population: infant formula and follow-on formula, processed cereal based food and baby food, food for special medical purposes; and total diet replacement for weight control) for which the authorisation is not yet granted, because it is in process of evaluation or authorisation, have to designate a representative established within the EU or the EEA and communicate its contact details to the European Commission. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON ANIMAL FEED Food Ecolabel As from the withdrawal date the EU Ecolabel Competent Body designated by the United Kingdom will not be in the position to carry out the tasks described in the EU Ecolabel Regulation. Eco labelling of new Irish products for the UK market will have to be done in the UK and comply with UK not EU standards WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES FOR THE USE OF THE EU ECOLABEL