A new EU Directive and Regulation on statutory audits came into force on 16 June 2014.
The purpose of the Directive and Regulation is to improve the supervision and independence of auditors and to restore investor confidence in audited financial information, particularly in light of the global financial crisis.
The Directive must be implemented into Irish law by 17 June 2016. The Regulation came into effect immediately although there is a two year delay in the application of most of its provisions.
The Directive, which amends the 2006 Statutory Audit Directive, contains new and amended rules regarding all statutory audits in the EU.
The Regulation contains additional requirements applicable to a Public Interest Entity (PIE).
For a more detailed article on the new requirements, please click here.
Contributed by Barry Conway.
