Rules for statutory audit of public-interest entities

 

SUMMARY OF:

Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities

WHAT IS THE AIM OF THE REGULATION?

KEY POINTS

The regulation sets out:

Conditions for carrying out statutory audit of public interest entities, notably:

Appointment of statutory auditors or audit firms by public-interest entities

Surveillance of statutory auditors and audit firms

Transitional measures

The regulation repeals Commission Decision 2005/909/EC.

FROM WHEN DOES THE REGULATION APPLY?

It has applied since 17 June 2016.

BACKGROUND

KEY TERMS

Public-interest entity: companies with a significant public interest because of the nature of their business, size or number of employees or corporate status, including banks, insurance firms and listed companies.
Audit committee: each PIE has an audit committee of non-executive members or members of its supervisory body.

MAIN DOCUMENT

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, pp. 77-112)

Successive amendments to Regulation (EU) No 537/2014 have been incorporated into the original text. This consolidated version is of documentary value only.

RELATED DOCUMENTS

Report from the Commission to the Council, the European Central Bank, the European Systemic Risk Board and the European Parliament on monitoring developments in the EU market for providing statutory audit services to public-interest entities pursuant to Article 27 of Regulation (EU) 537/2014 (COM(2017) 464 final, 7.9.2017)

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, pp. 87-107)

See consolidated version.

last update 28.07.2020