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European Commission publishes letter and Q&A on the new EU statutory audit regulations

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03 Sep 2014

The European Commission has today published a letter and a "Questions and answers" document intended to facilitate the implementation of the new EU regulatory framework on statutory audit and contribute to its consistent application across the EU.

The Q&A document aims to provide preliminary guidance on a number of practical questions raised by the accounting profession, industry, investors, academics and other stakeholders on the implementation of the new audit framework. This framework consists of Directive 2014/56/EU and Regulation (EU) No 537/2014 of the European Parliament and of the Council, both of which were approved by the EU Council on 15 April 2014.

The Q&A provides answers to common questions on a variety of topics relating to the new framework. Since the process of implementation of the new framework is still ongoing, the Q&A is necessarily a work in progress, and additional questions can be submitted to Markt-F4@ec.europa.eu.

The letter clarifies a particular aspect of the new rules relating to the transitional provisions for the mandatory rotation of audit firms and statutory auditors.

The full Q&A and letter can be obtained from the European Commission website.

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