Accounting reform in the European Union (EU) will require public-interest entities to change their auditor periodically from 2016. How will these changes affect your business?

There is a new European audit regulation regarding the statutory audit of Public-Interest Entities (PIEs).

A regulation has binding legal force throughout every EU member state and will override national law where there is a conflict.

In this briefing we look at:

  • who will be affected?;
  • when will the changes come into effect?;
  • what are the headlines?;
  • what are the rules on changing auditor?;
  • are there transitional provisions for changing auditor?;
  • what about the auditor appointment process?;
  • is the auditor selection procedure prescribed?; and
  • restrictions on choice of auditor.