Press release

17 June 2016

FEE encourages Member States to consistently apply new audit rules

 

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.

 

Related content

In the mediaSustainability reporting: why should SMEs care?

3 December 2021

PublicationAudit facts: what you need to know on audit, auditors and supervision

22 November 2021

NewsTime to deliver on high quality sustainability reporting

12 November 2021

PublicationOrganisation of the public oversight of the audit profession in 30 European countries

8 November 2021

PublicationImplementation of the 2014 EU Audit Directive and regulation in 30 European countries

8 November 2021

PublicationNon-audit services and auditor’s independence

2 November 2021

EventMembers’ Engagement Day

20 October 2021

NewsCall for dialogue: assessment of SMEs’ post-COVID financial health

19 July 2021

NewsNew Roadmap enhances EU Sustainable Finance Strategy

7 July 2021

NewsStakeholders issue a joint statement on EU sustainable corporate governance

8 June 2021

Consultation responseIESBA’s proposed revisions to the definitions of listed entity and public interest entity in the...

5 May 2021

In the mediaAccountancy Europe: Future-proofing tax to make it green, digital and fair

26 April 2021

NewsAccountancy Europe: Toughen the financial reporting ecosystem against fraud

23 April 2021

PodcastAn inside look into the BEIS consultation

23 April 2021

NewsAccountancy Europe welcomes EU progress on sustainability reporting standards

21 April 2021

NewsNew directive takes EU corporate sustainability reporting to the next level

21 April 2021

NewsIn-depth: what is at stake in EU plans for sustainable corporate governance?

9 April 2021

NewsUnpuzzling the Sustainability Reporting Alphabet Soup

29 March 2021

NewsAccountancy Europe supports new EU plan to improve SMEs’ access to finance

26 March 2021

NewsFraud and going concern: Restoring public trust in the financial reporting ecosystem

24 March 2021

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?