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Parliamentary questions
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6 June 2016
E-002792/2016(ASW)
Answer given by Lord Hill on behalf of the Commission
Question reference: E-002792/2016

The Audit Regulation will be applicable as of 17 June 2016. This means that the transitional regime set out in Article 41 of the regulation, introduced to avoid mandatory auditor rotation triggering a ‘cliff effect’ in the audit market, will apply directly in national law for financial years starting on, or after, 17 June 2016.

The Commission has already published several documents(1) providing guidance on the application of the transitional regime.

The Commission is also aware of alleged concerns with the application of the transitional regime in Portugal and is looking into them. This is part of the Commission's ongoing assessment of Member States' compliance with the new EU audit rules.

(1)Available via the following link: http://ec.europa.eu/finance/auditing/reform/index_en.htm

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