On 4 September 2014, the European Commission published a non-binding Q&A on both the implementation of the directive (2006/43/EU) amending the Statutory Audit Directive (2006/43/EC) and the new regulation on specific requirements regarding the statutory audit of public-interest entities (537/2014) (see July 2014 edition of this publication).
The Q&A includes guidance on:
- the date of application of the new regime;
- structure of fees on services other than audit;
- prohibition of non-audit services;
- rotation of audit firms;
- International Standards on Auditing (ISAs);
- the presentation of audit report contents (to be defined by Member States); and
- details regarding any exemptions from the requirement to appoint an audit committee.
The Q&A is available at: http://ec.europa.eu/internal_market/auditing/docs/reform/140903-questions-answers_en.pdf.
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