The European Parliament has now approved a Regulation and a Directive intended to reform the audit market in the European Union (EU).
Companies deemed public interest entities (PIEs) in the EU, as well as multi-nationals headquartered elsewhere with EU based PIE subsidiaries, face new rules on how long they can work with their auditors and restrictions on other work their audit firms are permitted to provide. Audit committee members also face increased responsibilities. There is a two-year transition period, which means that the legislation will become applicable in the 28 Member States of the EU in 2016, consequently all stakeholders need to begin to plan now for the new rules.
This document presents the implications of the changes and provides the KPMG view on its impact for the future.
Publication presents changes to audit committee role, responsibilities and auditor oversight arising from new EU legislation.
Publication presents changes to auditor reporting requirements arising from new EU legislation.
Publication presents changes to mandatory audit firm rotation for public interest entities and transition arrangements arising from new EU legislation.
Publication presents the most significant changes to audit market arising from new EU legislation.
Publication presents significant changes to restrictions on certain non-audit services to public interest entity audit clients arising from new EU legislation.