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.