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ARTICLE · 15 MAY 2014

Impact Of Proposed Audit Reform For Listed Funds

Dillon Eustace
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Proposed amendments to the Statutory Audit Directive may have implications for investment funds and specialist debt instruments.

IrelandFinance and Banking
Tara O'Callaghan
Tara O'Callaghan
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Proposed amendments to the Statutory Audit Directive aimed at reforming the audit market within the EU may have implications for investment funds and specialist debt instruments which are listed on the Main Market of the Irish Stock Exchange.

The proposals, which will affect any EU domiciled issuer listed on a regulated market within the EU, feature a number of proposed changes including:

  • a requirement for the rotation of auditors after a period of ten years;
  • a limitation on audit firms providing non-audit services such as tax, consultancy or advisory to their listed clients;
  • a limitation on fees of auditors for non-audit services in specific circumstances.

The proposals are subject to formal approval, with an anticipated effective date of 2016.

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