Federation of European Accountants
Member States’ implementation of
new EU audit rules
Status at 17 June 2016 deadline
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This document is for general illustration purpose only. It includes information from
different sources informally gathered up to 16 June 2016 without any further
verification. It may already be out of date when published and be subject to change.
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About the Federation of European Accountants
50 institutes
875,000 professionals
37 countries
28 EU member states
Federation of European Accountants
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We are the voice of the European profession
Federation of European Accountants
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Main topics of the new EU audit rules
 Prohibition of non-audit services
 Mandatory audit firm rotation
 Public oversight and delegation of tasks to
professional bodies
=> Our take
=> Illustrations of state of play and potential
outcomes
Federation of European Accountants
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Our take - implementation by 17 June

Most countries have abided by the deadline; others still have work to do with their
national laws.

Regarding the provision of non-audit services, clear trend to stick to the list of
prohibitions included in the audit regulation and avoid counterproductive
deviations

Regarding mandatory audit firm rotation, despite damageable divergences on the
duration and the use of the option to allow an extension, we see a welcomed trend
toward consistency in setting the initial duration period at ten years

Regarding the organisation of public oversight, many Members States rely on a
certain degree of delegation to professional accountancy bodies which are
committed to continue playing an important role in this area, and working together
with national competent authorities to enhance audit quality
Federation of European Accountants
National developments
Legislation implemented
Legislation in final draft stage
Still in progress / no updated
information received
This document is for general illustration purpose only […]
Federation of European Accountants
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Prohibition of non-audit services (NAS)
List of NAS as per the Regulation
‘White’ list approach (list of
authorised services)
Option to add restrictions to the EU
list
Option to lower the cap below 70%
This document is for general illustration purpose only […]
Federation of European Accountants
Mandatory audit firm rotation
10Y + 10Y extension
10Y + extension unclear
9Y + 9Y
10Y+10Y without extension foreseen for
banks and/or insurance undertakings
10Y
10Y but limited duration for banks
and/or insurance undertakings
<10Y *
10Y + 6Y if no joint audit
+ 14Y when mandatory joint audit
* Bulgaria 7, Italy 9, Portugal 8/9
This document is for general illustration purpose only […]
Federation of European Accountants
Public oversight - use of delegation of tasks for
audits of PIEs
Number of countries
4
12
15
6
3
9
15
10
19
Not clear
No
Yes/Expected
This document is for general illustration purpose only […]
Federation of European Accountants
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Public oversight - use of delegation for audits
of non-PIEs
Number of
countries
4
13
14
6
3
4
3
9
9
13
15
Not clear
19
10
18
15
No
Yes/Expected
This document is for general illustration purpose only […]
Federation of European Accountants
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