NEW REQUIREMENTS FOR STATUTORY AUDITORS IN EUROPEAN UNION

Abstract

Statutory audit missions are completed through the drawing up of audit reports. The elements of an audit report are standardized by International Standard on Audit ISA 700 “Forming an opinion and reporting on financial statements”. In April 2014, Directive 2006/43/EC on statutory audits of annual accounts and consolidated financial statements has been amended by Directive 2014/56/EU of the European Parliament and of the Council of April 2014. All in the month of April 2014, the European Parliament and the Council adopted Regulation No 136/66/EEC. 537/2014 Regarding specific requirements relating to statutory audits of public interest entities. These documents provide for expanded content for the report of the Audit Board and some additional requirements. In this way the Directive 2014/56/EC lays down mandatory items in the report of the Audit Board additional to those laid down by international reference. Regulation lays down the duty of auditor’s entities of public interest to include in the report of the Audit Board items additional to those laid down by the Directive. Furthermore, lays down an obligation for them to send, in addition to the report of the Audit Board, Other reports content well specified: a supplementary report addressed to the audit committee of the entity audited; a report to the supervisory authority of the entity of public interest; a report of transparency, which will be published on their web site; and, A report by the authority to the monitoring by reporting list of entities of public interest audited and of revenue. Such reports together with some comments, is the subject of article.