Proposed amendments to the Statutory Audit Directive aimed at reforming the audit market within the EU may have implications for investment funds and specialist debt instruments which are listed on the Main Market of the Irish Stock Exchange.
The proposals, which will affect any EU domiciled issuer listed on a regulated market within the EU, feature a number of proposed changes including:
- a requirement for the rotation of auditors after a period of ten years;
- a limitation on audit firms providing non-audit services such as tax, consultancy or advisory to their listed clients;
- a limitation on fees of auditors for non-audit services in specific circumstances.
The proposals are subject to formal approval, with an anticipated effective date of 2016.
The Irish Stock Exchange is engaged with industry and we will provide further updates on the proposals as they develop.
Further information is available from the EC Commission website at the following link: http://ec.europa.eu/internal_market/auditing/reform/index_en.htm#14 0403
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