EU audit reform — all change
The topic of audit rotation and reform has been debated for the past decade and on 17 December 2013 the European Parliament voted to accept the European Commission’s revised proposals for audit reform. This ended a long-standing impasse between the EU Council, the EU Parliament and the European Commission that had blocked reform since the original proposals had been made in 2010.
A final vote on the new proposals is to take place later this month (February 2014) after which the proposals will become law or a directive to all member states.
The proposals have been welcomed by the Financial Reporting Council (FRC) as opening the audit market to greater competition. They now follow the UK Competition Commission’s introduction, in October 2013, of a requirement for companies to mandatory tender every 10 years (with those that tender less frequently required to set out clearly when an audit would be put out to tender)…
Click on the link below to read the rest of the Wragge & Co briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Wragge Lawrence Graham & Co
News from The Lawyer
Briefings from Wragge Lawrence Graham & Co
Useful guidance on the “obvious to try” doctrine as Dovobet patent is judged valid in CoA.
Almost every company will be affected, to some extent.