Press Release: New EU rules to promote high-quality audits take effect

A new EU statutory audit rules became applicable on 17 June 2016, which contributed to boosting confidence in the financial sector.

This new regime helped promote high-quality audits throughout the EU and enhanced investor trust in the financial information of companies, thereby supporting the conditions for cross-border investment and economic growth in the Union.

These rules consisted of an amended Directive setting out the framework for all statutory audits and a Regulation setting out specific requirements for statutory audits of public-interest entities (PIEs), such as listed companies, banks and insurance undertakings.

• Primary Source

European Commission: DG Communication: RAPID: MEMO/16/2244, 17.06.16: Reform of the EU Statutory Audit Market - Frequently Asked Questions (updated version) http://europa.eu/rapid/press-release_MEMO-16-2244_en.htm

ESO: Background information: Reforming EU audit services to restore investors' confidence http://www.europeansources.info/record/press-release-reforming-eu-audit-services-to-restore-investors-confidence/

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