The legislation means that mandatory firm rotation of statutory audit firms will be introduced into the EU on a 10 yearly basis or less for all EU public interest entities. It also brings additional restrictions on the non-audit services that audit firms can provide to these clients, along with enhanced reporting and corporate governance requirements. This will have significant impact on how companies will select, structure and manage their professional adviser relationships.
We have provided a summary of the impacts that are likely to affect you, and some detail of the legislation in our publication available for free download below.
If you have any questions at all, please contact a member of our audit team.