Audit rules toughened

New legislation to improve the quality of statutory audit across the EU entered into force on 16 June 2014 say Harris & Co accountants Northampton #accountantsnorthampton

Key measures include strengthening the independence of statutory auditors, making the audit report more informative, and improving audit supervision throughout the Union. Stricter requirements will apply to public-interest entities.

Member states have two years to implement the revised Directive. The new legislation will become directly applicable in mid-2016 to ensure that every member state will have put in place the provisions necessary to comply with the Directive.

The directive is available here.

The regulation is available here.