EU audit reform legislation – the facts

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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:

  • Mandatory audit firm rotation for PIEs
  • New requirements for audit committees (or their equivalent) relating to their oversight of the performance of the audit
  • Additional restrictions on the provision of non-audit services by the statutory auditor to their PIE audit clients
  • New requirements regarding reporting by the statutory auditor
  • Explanation of the definition of Public Interest Entities (PIEs)

Contact us

James Chalmers
Global Assurance Leader, PwC UK
Tel: +44 (0)20 7213 5501
Email

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