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

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

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
Email

Paul Grosvenor
Director - Global Public Policy & Regulatory Affairs, PwC UK
Tel: +44 (0) 113 2894311
Email

Jacomien van den Hurk
Director - EU Public Policy & Regulatory Affairs, PwC Belgium
Tel: +32 (0)2 5880492
Email

Fiona Bell
Director - Global Public Policy & Regulatory Affairs, PwC US
Tel: +1 202 312 7740
Email

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