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ARTICLE · 16 OCTOBER 2014

European Commission Publishes Q&A On Statutory Audit Measures

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The European Commission published a non-binding Q&A on both the implementation of the directive (2006/43/EU) amending the Statutory Audit Directive (2006/43/EC).

European UnionAccounting and Audit
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On 4 September 2014, the European Commission published a non-binding Q&A on both the implementation of the directive (2006/43/EU) amending the Statutory Audit Directive (2006/43/EC) and the new regulation on specific requirements regarding the statutory audit of public-interest entities (537/2014) (see July 2014 edition of this publication).

The Q&A includes guidance on:

  • the date of application of the new regime;
  • structure of fees on services other than audit;
  • prohibition of non-audit services;
  • rotation of audit firms;
  • International Standards on Auditing (ISAs);
  • the presentation of audit report contents (to be defined by Member States); and

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