Consultation outcome

EU audit directive and regulation: implementing the requirements

This consultation has concluded

Download the full outcome

EU audit directive and regulation: implementing the requirements - government response and summary of responses

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Detail of outcome

Overall, there was support for the minimal implementation approach. Read about how the regulation will be implemented in the government response.

The regulations came into force on 17 June 2016 for financial years beginning on or after that date. On that date the government also issued a ministerial direction to the Financial Reporting Council.

Feedback received

EU audit directive and regulation: implementing the requirements - responses

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Detail of feedback received

We received written responses from:

  • recognised supervisory bodies (4)
  • large firms (6)
  • mid-tier firms (4)
  • investors (5)
  • other respondents (7)

Original consultation

Summary

We're seeking views on proposals to implement the EU audit directive and apply the EU audit regulation (Regulation 537/2014).

This consultation ran from
to

Consultation description

We’re seeking your views on our proposals to implement the EU audit directive (2014/56/EU) and a large number of changes to the regulatory framework. This includes:

  • applying the new EU audit regulation (537/2014)
  • audit retendering and auditor rotation requirements for Public Interest Entities
  • the definition of a Public Interest Entity

We’ve published further proposed changes in the draft regulations document. Although the consultation period has ended, BIS is happy to receive comments on these changes. Send your comments to Paul Smith:

pauld.smith@bis.gsi.gov.uk

Paul Smith
Corporate Frameworks, Accountability and Governance Team
Department of Business, Innovation and Skills
1 Victoria Street
London
SW1H 0ET
Tel: 020 7215 4164

Documents

Auditor regulation: draft regulations

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Auditor regulation: technical legislative implementation of the EU Audit Directive and Regulation - impact assessment

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Regulatory Policy Committee opinion on the impact assessment (consultation stage)

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Member state options tables for Directive 2014/56/EU and Regulation No 537/2014

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Published 28 October 2015
Last updated 8 August 2016 + show all updates
  1. Added link to resulting regulations and to the ministerial direction issued on 17 June 2016.
  2. Added government response.
  3. Added public feedback.
  4. Updated draft regulations document to include amendments proposed to Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 and Part 42 of the Companies Act 2006.
  5. Updated draft regulations document to include amendments proposed to chapter 4 of Part 16 of the Companies Act.
  6. First published.