PCAOB adopts new audit standard on communications with audit committees
At an open meeting held on 15 August 2012, the Public Company Accounting Oversight Board voted to approve new Auditing Standard No. 16, Communications with Audit Committees. Although the new standard retains most of the preexisting communication requirements, there are a number of new areas that the auditor must discuss with the audit committee, and there are some areas where the auditor must seek specific responses from the audit committee.
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Briefings from Gibson Dunn & Crutcher
New UAE antitrust legislation in force from February 2013
On 23 October 2012, the United Arab Emirates enacted its Federal Competition Law (Federal Law No. (4) of 2012), which laid down new rules on anti-competitive agreements, merger control and abuse of dominance.
2012 year-end German law update
In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance.
