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ACCA European audit reform roundtable

When 30 Sep 2014
from to
Timezone UTC + 2
Where Brussels
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The Association of Chartered Certified Accountants (ACCA), along with The European Group of International Accounting Networks and Associations (EGIAN) is to hold a roundtable on the implementation of the new EU audit reform package on 30 September 2014. The event will be held at the European Parliament and hosted by Sajjad Karim, MEP.

The new package takes the form of a new Regulation covering Statutory Audit of Public Interest Entities (PIEs) and revisions to the 2006 Statutory Audit Directive. Under the new rules, the societal role of auditors will be clarified, with the aim of increasing audit quality, transparency and audit supervision.  The new rules will require that audit reports be more detailed and informative and their work will be more closely monitored with strengthened audit committees.

Mandatory rotation of auditors for PIEs will be introduced, requiring such companies to retender at 10 years and change the auditor at least every 20 years. The reforms include a prohibition on the provision of certain non-audit services to PIE audit clients (including tax advice and services linked to the financial and investment strategy of the audit client) and also introduce a cap on the fees that can be earned from the provision of permitted non-audit services to PIEs.

This roundtable is being held to give informed experts a chance to debate and discuss a range of implementation issues,  including the permitted extension of the mandatory rotation period in the event of public tendering or joint audit; the tendering process; the provision of non-audit services and the possible future direction of SME audits.

Full details of the event, including registration details, can be found on the ACCA website. Due to strict security measures at the European Parliament, registration by 19th September is necessary for anyone wanting to attend.

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