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Reform of the EU Statutory Audit Market – Frequently Asked Questions (updated version)

Zone(s): Europe ¦ Sector(s): Audit
[16 June 2014, Europa website] On 16 June, Europa published FAQs on reform of the EU Statutory Audit Market.

Where does the reform stand?
On 17 December 2013, the European Parliament and the Member States reached a preliminary agreement on the proposal for a Directive amending the Statutory Audit Directive (Directive 2006/43/EC) and the proposal for a Regulation on specific requirements regarding statutory audit of public-interest entities (see MEMO/13/1171). The compromise agreement was endorsed by the Member States at the COREPER meeting of 18 December 2013 and adopted by the Committee on Legal Affairs of the European Parliament on 21 January 2014.

The two compromise texts were adopted by the European Parliament in a plenary vote in Brussels on 3 April 2014 (see STATEMENT/14/104), and endorsed by the Member States in the Council on 14 April 2014 (see STATEMENT 8879/14). The co-legislators formally signed the texts on 16 April, drawing the legislative process to a close. The publication of the amending Directive and the new Regulation on Statutory Audit in the Official Journal of the EU took place on Tuesday 27 May (OJ L 158). The two texts entered into force on Monday 16 June 2014, 20 days after their publication in the Official Journal. Further details on the provisions governing the entry into force and the application of the new legislative framework are available in the FAQ below. In addition to this memo, the Commission will engage in workshops and presentations with Member States and stakeholders, focused on the practical aspects of the implementation of the reform.

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