EU legislation to reform the statutory audit market was adopted in April 2014. The laws are expected to apply from mid June 2016 – with the exception of MFR, which is subject to transition arrangements.
We have summarised the key issues impacting the statutory audit included in the new EU audit reform legislation and, in particular, the requirements for public interest entities (PIEs). Specifically:
|EU audit reform – mandatory firm rotation||EU audit reform – audit committees||EU audit reform – prohibition of certain non-audit services||EU audit reform – audit firm reporting||EU audit reform - Public Interest Entities (PIEs)|