FOR IMMEDIATE RELEASE
17 June 2016
Today the new EU rules for statutory audit become applicable. As the rules for audits of public interest entities take effect immediately and those for other audits require transposition, Member States have had to adapt their legislation. Most of them did so by this deadline; others still have work to do. We encourage those lagging behind to close the gap and ensure consistency in Europe.
It is important for Member States to implement the audit legislation in the same way. A level playing field is critical for European businesses. The EU must focus on jobs, growth, and investment, so countries should avoid a complex regulatory framework which adds costs and inefficiencies.
To further inform this process, we have analysed what Member States decided on key options for implementation [available on our website here]. Member states seem to follow a more harmonised approach towards implementing the audit legislation than initially expected. We praise these efforts and encourage all countries in this direction.
We look forward to cooperating further with all stakeholders to ensure that auditors bring trust and integrity to society and markets, now and in the future.
For more information on the work of the Federation on this topic, you can see an overview of our publications on the Audit Reform here.