There is a two year transition period which means that the legislation is expected to become applicable in the 28 Member States of the European Union on 17 June 2016.
The regulation requires minimum standards to be adhered to, with individual member states being permitted to adopt more restrictive requirements in many cases – ‘member state options’ (e.g., shorter period before mandatory rotation is necessary, wider prohibition on non-audit services).
Locally, the Department of Jobs, Enterprise and Innovation have recently indicated that they will run a short consultation, in Summer 2014 to consider the Member State options and other details involving commencement rules.
Please do not hesitate to contact your local KPMG office or KPMG contact with any additional queries.
EU audit reform (PDF, 664KB)
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