«Overview of developments and implementation of the acquis communautaire relating to the statutory audit»
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1 «Overview of developments and implementation of the acquis communautaire relating to the statutory audit» Chisinau, 27 May 2010 Juan Maria ARTEAGOITIA Policy Officer, Audit Policy Unit Directorate General Internal Market and Services, European Commission 1
2 Coverage of the presentation EU institutional arrangements Reasons for updating the 8th Directive of 10 April 1984 Timing and main features of the Directive Developments underway for its implementation NB. The presentation represent exclusively my personal views 2
3 EU institutional arrangements European commission Council European Parliament Other bodies 3
4 Reasons for updating the old Directive: Evolutionary Process 8th Company Law Directive (1984) Green paper Role, position and liability of statutory auditors in the EU" (1996) Communication "The way forward" (1998) Quality Assurance Recommendation (2000) Independence Recommendation (2002) Communication "Reinforcing the Statutory audit in the European Union" (2003) 4
5 Timing of new the Directive The new comprehensive, principles based Directive 2006/43/EC was adopted on 17 May 2006 Entry into force: 29 June 2006 Transposition by Member States into national law: 29 June 2008 (2 years since entry into force) 5
6 Main features of new Directive 1. Approval and ownership of statutory auditors and audit firms 2. Statutory audit performance 3. Audit infrastructure 4. Internal Market aspects 5. Specific requirements for Public Interest Entities 6. International dimension 7. Substantial comitology powers 6
7 1.- Approval and ownership of statutory auditors and audit firms Liberalized ownership and management requirements for audit firms approved in the EU Majority Nationality 7
8 2.- Statutory audit performance International Standards on Auditing Group auditor bears the full responsibility for the group audit report Audit report to be signed by an individual, not by the audit firm Independence: documentation of threats and safeguards, proper audit fees, provision of additional services 8
9 3.- Audit infrastructure Enhanced public registration of statutory auditors and audit firms (Electronic, accessible to public, Information about shareholders, management, membership of a network, name and address of competent authorities) Public Oversight Quality Assurance 9
10 4.- EU Internal Market aspects Mutual recognition of statutory auditors between EU Member States («Aptitude test») Recognition of regulatory equivalence within the EU with regard to oversight, quality assurance, registration and standards («Home country control») Cooperation of EU Public Oversight bodies Investigation and exchange of information Participation in investigations in another Member State 10
11 5.- Specific requirements in relation to Public Interest Entities Transparency report by audit firm (Published on web site, Information inter alia about the audit firm s practice, turnover, quality assurance systems and events) Audit Committee (Composition rules and responsibilities, selection of the auditor, reporting) Additional rules on independence (Disclosure of fees from auditing annual accounts, written confirmation of independence to the Audit Committee, rotation) 11
12 5.1- Audit Committee (Article 41) Each public-interest entity shall have an audit committee The audit committee shall, inter alia, monitor the effectiveness of the company s internal control, internal audit where applicable, and risk management systems The statutory auditor or audit firm shall report to the audit committee on key matters arising from the statutory audit, and in particular on material weaknesses in internal control in relation to the financial reporting process. 12
13 5.2- Corporate Governance All listed EU-companies should provide a specific "Corporate Governance Statement" (Directive 2006/46/EC) The Corporate Governance Statement is part of the annual report (but could be provided separately) and should cover, at the minimum: Description of the main features of the internal controls and risk management systems in relation to financial reporting process no specific requirement regarding efficiency operation of the shareholder meetings, shareholders rights operation of the board and its committees 13
14 6.- International dimension Approval of auditors from third countries Registration of auditors and audit firms (Derogation in the case of equivalence) Access to audit working papers Transfer via the National competent authorities Adequacy assessed by the Commission 14
15 7.- Substantial Comitology Powers The new Directive gives the Commission important implementation powers (Comitology) 15
16 7.1.(i)- Possible Comitology Measures Test of theoretical Knowledge Professional Ethics Independence and Objectivity Auditing Standards Audit Reporting Quality Assurance Systems Professional secrecy and regulatory cooperation 16
17 7.1.(ii).-Possible Comitology Measures Registration and oversight of third country auditors and audit firms Derogation in case of third country equivalence Co-operation with third country competent authorities 17
18 Reinforcement of the directive Recommendation on Q&A (May 2008) Recommendation on Liability (June 2008) Decision on Equivalence (July 2008) Decision on Adequacy (February 2010) 18
19 Developments underway for implementation of the Directive (i) EGAOB (European Group of Auditors Oversight Bodies) Created on 14 December 2005 will have to be updated. Report to the Parliament and Council by 1 July 2010 Currently chaired by the European Commission, composed of representatives of public oversight bodies from all EU Member States 19
20 Developments underway for implementation of the Directive (ii) EGAOB Main tasks: Exchanging best practices Technical assessment of third countries International standards on auditing Possible advice on future comitology measures Several EGAOB sub-groups are active 20
21 Developments underway for implementation of the Directive (iii) AuRC (Audit Regulatory Committee) created by the Directive Relations with International institutions (e.g. Monitoring Group, IFAC, PIOB, IFIAR) Financing of the PIOB 21
22 Developments under way for implementation of the directive (iv) Study(21 Member States have fully transposed; Public oversight authorities are legally established in 26 Member States) Green Paper Equivalence and Adequacy decisions 22
23 Further information For more information please visit our website: index_en.htm To contact us please to: 23
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