Attention Audit Committees! Are You Set For 2017? (Step 4)

Welcome to part 4 of our 6-part article series about how audit committees ("ACs") can prepare and deal with new legislation. Specifically, the law of 23 July 2016 on the audit profession ("Law") and Regulation (EU) N° 537/2014 ("Regulation") will have an impact on audit committees in terms of their roles and responsibilities, and their relationships with external auditors.

Step 4 – What is the specific role of the AC in terms of non-audit services?

Step 5 – What kind of relationship should the AC maintain with the external auditor?

Step 6 – What should the additional report of the external auditor to the AC include?

In this article, we will discuss the AC's role regarding non-audit services ("NAS"). The new legislation introduces prohibitions on certain NAS as well as fee caps for public interest entities ("PIEs").