The EU audit legislation brings significant change for businesses and their professional service providers
The EU audit legislation brings significant change for businesses and their...
EU Audit Reform rules came into effect on 17 June 2016. All EU member states have now fully implemented national legislation and EEA countries (Iceland, Liechtenstein and Norway) are in the process of implementing.
Legislative requirements covering EU Public Interest Entities (PIEs) and their statutory auditors include mandatory audit firm rotation, restrictions and a cap on non-audit services and responsibilities of the audit committee. There are some national variations in requirements so all affected companies should have an understanding of the legislation.
Reference materials are available from this page - from broad overviews to detailed factsheets.
This high level briefing is ideal for getting up to speed with EU Audit Reform and what it might mean for your organisation. It contains a summary of the legislation, alongside important information such as which companies are affected and what the consequences might be for businesses. There are also links to a number of more detailed resources.