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.