Consultation on the technical legislative implementation of the EU Audit Directive and Regulation: summary of responses and government response

Consultation on the technical legislative implementation of the EU Audit Directive and Regulation: summary of responses and government response
Document type
Paper
Corporate author(s)
Great Britain. Dept. for Business, Innovation and Skills
Publisher
BIS
Date of publication
10 May 2016
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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This is a government response to the consultation on the legislative implementation of the EU Audit Directive and Regulation.

The Regulation introduces a framework for mandatory rotation and retendering of audit engagements. It also introduces significant new controls on the provision of non-audit services by statutory auditors to their audit clients.

The Directive requires all Member States to identify a Competent Authority for the regulation of statutory audits. This will be the Financial Reporting Council (FRC) in the UK.

There were 25 responses to BIS’s consultation on the legislative implementation of the EU Audit Directive and Regulation. Overall there was support for BIS’s minimal implementation approach, which is intended to ensure that the legislative changes allow maximum flexibility for auditors, their clients and the relevant regulatory bodies.

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