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EU audit reforms

On 17 June 2016, new EU legislation on statutory audit came into force throughout 28 EU member states. This page brings together resources on the Statutory Audit Directive, key changes to auditor independence requirements in the UK and information on implementation across Europe.

ICAEW guidance and support

Implementation of European Audit reforms
Comprehensive information onchanges to auditor independence requirements resulting from the European audit Regulation and Directive issued in 2014, covering:

  • Background
  • Key changes
  • Public interest entities (PIEs)
  • Non-audit services fee limits for PIE audits
  • Non-audit services prohibitions for PIE audits
  • Rotation and tendering for PIE audits. 

External resources

Auditing of companies' financial statements
Summary from the European Commission discussing the role of audits and Commission goals, audit reform in the EU, cooperation between European national audit authorities, market monitoring, relations with third countries, and the Commission's recommendations.

Reform of the EU Statutory Audit Market - Frequently Asked Questions (updated version)
European Commission, June 2016
Detailed FAQ giving details on the definitions, scope and implementation of new audit rules along with key changes to expect.

National implementing measures for Directive 2014/56/EU
Table regularly updated by EUR-Lex showing implementation of the audit directive by EU countries, with details of the measure enacted by each member state.

Implementation of the 2014 EU Audit Directive and Regulation in 30 European countries: State of play as of November 2021
Accountancy Europe, November 2021
Analysis of the directive's implementation status across Europe including 27 EU Member States, Iceland, Norway and the UK. It analyses the latest legislative changes and key options on providing non-audit services, mandatory audit firm rotation, and organising public oversight.

Organisation of the public oversight of the adit profession in 30 European countries
Accountancy Europe, November 2021
Survey report presenting how public oversight is organised in each of the 27 EU Member States, Iceland, Norway and the UK. It covers composition, funding, transparency and key activities of the national public oversight bodies, and the extent of delegation of tasks to professional bodies.

Standards, codes and regulations

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