New Auditing Directive adopted in the EU
27 Apr 2006
On 25 April 2006, the Council of the European Union adopted a new directive on the audit of company accounts.
The directive broadens the scope of application of existing EU legislation (directive 84/253/EEC) by specifying the duties of statutory auditors, their independence, and ethics. It introduces requirements for external quality assurance and public oversight of the auditing profession. The new law also amends directives 78/660/EEC and 83/349/EEC on accounting. The directive's main provisions are as follows. Click for (PDF 123k):
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