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ARTICLE · 19 OCTOBER 2015

Statutory Audit Directive – Auditor Rotation

Dillon Eustace
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The Statutory Audit Directive 2014/43/EU ("SAD") together with associated regulation (EU) 537/2014 (the "Regulation") require public-interest entities to rotate their auditors every 10 years.

IrelandAccounting and Audit
Tara O'Callaghan
Tara O'Callaghan
Helen Daly
Helen Daly
Fionnán Gannon
Fionnán Gannon
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The Statutory Audit Directive 2014/43/EU ("SAD") together with associated regulation (EU) 537/2014 (the "Regulation") require public-interest entities to rotate their auditors every 10 years.

SAD enters into force on 16th June 2016 and will have implications for listed issuers from that date.

The definition of public-interest entity includes investment funds listed on the Main Securities Market ("MSM") of the Irish Stock Exchange ("ISE") and other listed entities which are admitted to trading on a regulated market within the EU.

The 10 year period begins at the date of the audit engagement or the date of initial listing of the shares or class of shares of the fund on the relevant stock exchange.

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