European Commission's proposals for an Audit Directive and Regulations
The European Commission has published its controversial proposals for an Audit Directive and Regulations, details of which are available here.
The proposals include:
- a ban on the provision of tax (and other non-audit) services to audit clients;
- mandatory change of auditors after 6 or 9 years;
- mandatory open and transparent tendering for auditors of public interest entities;
- European supervision of the audit sector; and
- the creation of a European passport for auditors to help facilitate a single market for audit.
More information is given in the Commission's Press Release and FAQs.
1 December 2011