The EU Audit Reform paves the way for a new audit environment in Europe
Launched in 2010, the legislative process of the EU Audit Reform (EAR) reached an end as the new Regulation and the amended Directive were put to vote by the European Parliament on 3 April 2014. Succeeding this process, the European Commission granted EU Member States two years to implement the new legislation. This period officially ended on 17 June 2016.
Given the importance of this new regulatory environment across the EU, our goal is to shed some light on the EAR by providing you with a thorough understanding of its objectives and the major changes it will introduce to the audit market — both at the EU and Member State levels. In this regard, we seek to accompany you during the transition period and provide you with the necessary support to prepare— in an informed and timely manner—for this new EU market environment.
Our insight
This section features regularly updated publications ranging from expert videos, to information sheets and press articles, produced by Forvis Mazars to provide insights on the EU Audit Reform (EAR) and related topics of relevance to our clients and their businesses.
Spain
The Spanish government completed implementation of the EAR on 9 July 2015, and obtained the Spanish Parliament's final approval of Spain’s new audit law. The legislation was published on 21 July 2015. The majority of the provisions will be applied from the first financial year commencing on or after 17 June 2016.
Portugal
The Portuguese government completed implementation of the EAR on 9 September 2015, when the Portuguese legislators adopted Law 140/2015 on the reform of the Decree on Statutory Audit and Law 148/2015 on supervision of the audit profession. The new rules will become effective on 17 June 2016.
Slovakia
The Slovak government completed implementation of the EAR on 11 November 2015, when the National Council of the Slovak Republic adopted its act on Statutory Audit and Accounting. The new rules will become effective on 17 June 2016.
Germany
The German Federal Government completed implementation of the EAR in two phases: It adopted the Audit Reform Act on 17 March 2016 and the Audit Oversight Reform Act on 18 December 2015. The new rules will become effective on 17 June 2016.
Austria
The Austrian government completed implementation of the EAR by vote in parliament on 19 May 2016. The new “Abschlussprüfungsrechts-Änderungsgesetz 2016 – APRÄG 2016“ will become effective on 17 June 2016.
France
The European audit legislation in France has been finalized and adopted on 18 March 2016. It will start taking effect on 17 June 2016.
Sweden
The Swedish government completed implementation of the EAR by vote in parliament on 18 May 2016. The new rules will become effective on 17 June 2016.
Hungary
The Hungarian government completed implementation of the EAR by vote in parliament on 10 May 2016. The new rules will become effective on 17 June 2016.
Forvis Mazars' EU Audit Reform (EAR) Helpdesk
The Forvis Mazars EAR Help Desk is intended to provide you with additional information and support around the EU legislation and its implementation in the various Member States. We will help you clarify questions and provide you with guidance on how to best position yourself in the new legislative environment.
Guidebook to the EAR
Our guidebook explores the baseline measures of the EAR and offers relevant insight into how to respond to the changes.
What you need to know about joint audit
The recognition given to joint audit within the new regulation reinforces the idea that the system is a proven and valued option. As an expert on joint audit, we invite you to learn more about its concept, its methods and its associated benefits.