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June 20, 2016

EU audit reform implementation state of play

By Vincent Huck

One third of the European Union (EU) member states have implemented the EU audit reform on time, according to an analysis by the Federation of European Accountant (FEE).

EU member states’ deadline to implement the EU audit reform was 17 June 2016, but an anlysis by FEE found that so far 10 countries have implemented the new rules for statutory audit into their national laws, five have their legislation in the final draft stage, while the rest is still in the process of implementing or hasn’t provided information.

"Regarding the provision of non-audit services, clear trend to stick to the list of prohibitions included in the audit regulation and avoid counterproductive deviations," FEE highlighted in its analysis. "Regarding mandatory audit firm rotation, despite damageable divergences on the duration and the use of the option to allow an extension, we see a welcomed trend toward consistency in setting the initial duration period at ten years."

FEE’s analysis can be found here: Member States’ implementation of new EU audit rules


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