Six months after the implementation deadline of new EU audit rules, Accountancy Europe presents an updated state of play of this process in 31 European countries, including 28 EU Member States.
Accountancy Europe has further analysed Member States’ decisions and visualised the potential outcomes for the key options regarding:
providing non-audit services
mandatory audit firm rotation
organising public oversight
So far 21 Member States have implemented the new audit legislation.
Provision of non-audit services:clear trend to stick to the list of prohibitions included in the audit regulation and avoid counterproductive deviations
Mandatory audit firm rotation:despite damageable divergences on the duration and the use of the option to allow an extension, Accountancy Europe sees a welcomed trend toward consistency in setting the initial duration period at ten years
Organisation of public oversight,many Members States rely on a certain degree of delegation to Professional accountancy bodies which are committed to continue playing an important role in this area, and working together with national competent authorities to enhance audit quality
State of play as of January 2017
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