Wednesday 18 December 2013

Europe: reform of the audit sector - political agreement reached

Yesterday, in trilogue, provisional agreement was reached on proposals to reform the audit sector: see here. Mandatory rotation after ten years has been accepted. However, after ten years the audit engagement can be extended for a further ten years (fourteen years in the case of a joint) if a tender takes places. This proposal does not go as far as the Commission originally recommended in November 2011.

No comments: