European Commission Audit Reform | KPMG | BE

European Commission Audit Reform

European Commission Audit Reform

The EU Audit reform legislation entered into force on 16 June 2014 in the European Union.

The EU Audit reform legislation entered into force on 16 June 2014.

There is a two year transition period which means that the legislation is expected to become applicable in the 28 Member States of the European Union on 17 June 2016.

The regulation requires minimum standards to be adhered to, with individual member states being permitted to adopt more restrictive requirements in many cases – ‘member state options’ (e.g., shorter period before mandatory rotation is necessary, wider prohibition on non-audit services).

There are still a number of points that remain to be finalized and the transition will take some time. Please do not hesitate to contact your local KPMG office or KPMG contact with any additional queries.

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EU Audit Reform: understanding the detail

This series of fact sheets provides details around the four main areas affected by EU...

 
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Restrictions on Non-Audit Services

Restrictions on certain non-audit services to public interest entity audit clients

 
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Expanded Audit Committee Responsibilities

Audit committee role and responsibilities, and auditor oversight

 
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Expanded Auditor Reporting Requirements

Expanded Auditor Reporting Requirements

 
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