Impact Of Proposed Audit Reform For Listed Funds

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Dillon Eustace

Contributor

Dillon Eustace is one of Ireland’s leading law firms focusing on financial services, banking and capital markets, corporate and M&A, litigation and dispute resolution, insurance, real estate and taxation. Headquartered in Dublin, Ireland, the firm’s international practice has seen it establish offices in Tokyo (2000), New York (2009) and the Cayman Islands (2012).
Proposed amendments to the Statutory Audit Directive may have implications for investment funds and specialist debt instruments.
Ireland Finance and Banking

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

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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