EU audit reform

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The 2014 EU audit legislation is one of the most significant reforms to the undertaking of the statutory audit of public listed companies (and other entities).

The legislation applies to the 28 Member States from 17 June 2016 and subsequently to the three European Economic Area (EEA) countries (Iceland, Liechtenstein and Norway).

It includes major changes to the roles and duties of audit committees, introduces mandatory rotation of audit firms, further restrictions on the provision of non-audit services by auditors to their audit clients, and changes to the regulatory and oversight regimes.

On this page, you will find PwC guidance on the key changes, and information on implementation of the legislation across Member States.

The European Contact Group FAQs on the EU audit legislation are available here.

Read the latest PwC guidance on some hot topics from the legislation

Scope of the legislation and PIE definitions

Scope of the legislation and PIE definitions

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Mandatory firm rotation

Mandatory firm rotation

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Non-audit services

Non-audit services

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Audit firm reporting

Audit firm reporting

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Guidance for audit committees

The EU audit legislation extends the responsibilities assigned to audit committees in a number of ways.

Along with the European Confederation of Directors’ Associations (ecoDa) we have produced a guide for audit committees, designed to help audit committee members understand the changes. It includes the composition and governance of audit committees, selection and appointment of the audit firm, monitoring the auditor’s independence, auditor reporting requirements and oversight.

Audit Committees at the heart of Audit Reform

Watch a short summary of launch event on 21 June 2016.

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Learn more about the stages of implementation in Member States
Mandatory firm rotation heat-map

Mandatory firm rotation heat-map

See how MFR rules vary in Member States

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Member State options: tax and valuation services

Member State options: tax and valuation services

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PIE definition heat-map

PIE definition heat-map

What is the difference of a Public Interest Entity in each Member State

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Update on implementation

Update on implementation

See the state of play of adoption by Member State

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European Contact Group website on implementation of the legislation in the Member States

Contact us

Jan E McCahey

Global Public Policy Leader, PwC UK

Tel: +44(0)20 721 22535

Paul Grosvenor

Director - Global Public Policy & Regulatory Affairs, PwC UK

Tel: +44 (0) 113 2894311

Jacomien van den Hurk

Director - EU Public Policy & Regulatory Affairs, PwC Belgium

Tel: +32 (0)2 5880492

Fiona Bell

Director - Global Public Policy & Regulatory Affairs, PwC US

Tel: +1 202 312 7740

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