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Parliamentary questions
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6 March 2019
E-006354/2018(ASW)
Answer given by Vice-President Dombrovskis on behalf of the European Commission
Question reference: E-006354/2018

The EU Audit legislation (Audit Directive 2006/43/EC(1)) was modified in 2014(2) to enhance competition, improve audit quality and avoid conflict of interest in the EU audit market, in particular for statutory audits of public-interest entities. These measures include a list of prohibited non-audit services, a fee cap for non-audit services, mandatory rotation of the audit firms every 10 years, an incentive to carry out joint audits and a stronger role for audit committees to hold statutory auditors accountable.

The new rules are applicable since 17 June 2016, but the experience differs across Member States. Some of the impacts of the new provisions are not yet fully effective, for example the auditor rotation requirements, where Regulation (EU)537/2014(3) allows Member States to extend the maximum duration. The Commission services are closely monitoring the audit market and intend to carry out an evaluation of the legislation adopted in 2014 before deciding whether to propose any additional measures.

(1)Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC. OJ L 157, 9.6.2006, p. 87‐107.
(2)Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts. OJ L 158, 27.5.2014, p. 196‐226.
(3)Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC. OJ L 158, 27.5.2014.

Last updated: 6 March 2019Legal notice