European Union audit legislation on audit reform
Anticipating changes to the audit profession
The European Commission’s 2011 audit reform proposals led, two and a half years later, to the entry into force of the EU’s Audit Directive and Regulation. While key measures are still to be confirmed, reforms include mandatory audit rotation, cap on non-audit services, and prohibited services.
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As global capital markets become increasingly integrated, many countries are moving to International Financial Reporting Standards (IFRS). For example, in the European Union, companies with publicly traded shares or debt on a European exchange must use IFRS for financial reporting for year ends.
EU audit legislation
Impact and expectations
With the European Union statutory audit legislation going into effect 17 June 2016, some member states are beginning to enact change and businesses are taking steps to proactively comply with these measures. What does this legislation mean?