[ParlTrack]

Proposal for a directive
Recital 3

(3) In order to allow audit firms to grow, Member States should allow them to have access to external capital. Therefore, Member States should no longer require that a minimum amount of capital or of voting rights in an audit firm is held by statutory auditors or audit firms, provided that a majority of the members of the administrative body are audit firms approved in any Member State or statutory auditors of good repute.deleted

2012/11/14
Committee: JURI

Françoise CASTEX

Proposal for a directive
Recital 7

(7) It is important to ensure high quality statutory audits within the Union. All statutory audits should therefore be carried out on the basis of the international auditing standards which are part of the Clarity Project issued by the International Federation of Accountants (IFAC) in 2009 insofar as they are relevant to statutory audits. Member States should be allowed to impose additional national audit procedures or requirements only if they stem from specific national legal requirements relating to the scope of the statutory audit of annual or consolidated financial statements, meaning that those requirements have not been covered by the adopted international auditing standards, and only if they add to the credibility and quality of annual financial statements and consolidated financial statements and are conducive to the Union public good. The Commission should continue to be involved in the monitoring of the content and adoption process of the international auditing standards by the IFAC.deleted

2012/11/14
Committee: JURI

Françoise CASTEX, Frédéric DAERDEN

Proposal for a directive
Recital 15

(15) In order to preserve the rights of the parties concerned when the competent authorities of Member States cooperate with the competent authorities of third countries on the exchange of audit working papers or other relevant documents for the assessment of the quality of the audit performed, Member States should ensure that the working arrangements entered into by their competent authorities based on which any exchange of such papers takes place comprise enough safeguards to protect the business secrecy, commercial interests, including the industrial and intellectual property rights of the audited entities. Member States shall ensure that those arrangements comply and are compatible with the provisions of Directive 95/46/EC of the European Parliament and of the Council on the protection of individuals with regard to the processing of personal data and of the free movement of such data.

2012/11/14
Committee: JURI

Françoise CASTEX

Proposal for a directive
Article 1 – point 2 – point c

Directive 2006/43/EC
Article 2 – point 11

~~(c) point 11 is~~ deleted;

2012/11/14
Committee: JURI

Françoise CASTEX

Proposal for a directive
Article 1 – point 3 – point b

Directive 2006/43/EC
Article 3 – paragraph 4

(b) paragraph 4 is amended as follows: (i) in the first subparagraph, point (b) is deleted; (ii) in the first subparagraph, point (c) is replaced by the following: ‘(c) a majority of the members of the administrative or management body of the entity must be audit firms which are approved in any Member State or natural persons who satisfy at least the conditions imposed by Article 4 and Articles 6 to 12. Where such a body has no more than two members, one of these members must satisfy at least the conditions in this point.’; (iii) the second subparagraph is replaced by the following: ‘Member States may not set additional conditions in relation to these points. Member States shall not be allowed to require that a minimum amount of capital or of voting rights in an audit firm is held by statutory auditors or audit firms.’.deleted

2012/11/14
Committee: JURI

Françoise CASTEX

Proposal for a directive
Article 1 – point 5

Directive 2006/43/EC
Article 6 – paragraph 1 a (new)

‘The competent authorities referred to in Article 32 shall cooperate in view of achieving a convergence of the requirements set out in this Article. They shall cooperate with the European ~~Securities and Markets Authority (ESMA~~Group of Auditors’ Oversight Bodies (EGAOB) and the competent authorities referred to in Article ~~X of~~[XXX] Regulation [XXX] of [XXX] in so far as such convergence relates to the statutory audits of public- interest entities.’.

2012/11/14
Committee: JURI

Françoise CASTEX

Proposal for a directive
Article 1 – point 7

Directive 2006/43/EC
Article 14 – paragraph 3

3. The competent authorities referred to in Article 32 shall cooperate in view of achieving a convergence of the requirements of the adaptation period and the aptitude test. They shall enhance the transparency and predictability of the requirements. They shall cooperate with ~~ESMA~~the EGAOB and the competent authorities referred to in Article [XXX] Regulation [XXX] of [XXX] in so far as such convergence relates to the statutory audits of public-interest entities.’.

2012/11/14
Committee: JURI

Françoise CASTEX

Proposal for a directive
Article 1 – point 12

Directive 2006/43/EC
Article 26

1. Member States shall ensure that statutory auditors and audit firms comply with international auditing standards when carrying out statutory audits as long as those standards are in conformity with the requirements of this Directive and of Regulation XX/XX. Member States may impose audit procedures or requirements in addition to the international auditing standards only if those audit procedures or requirements stem from specific national legal requirements relating to the scope of statutory audits. Member States shall ensure that those audit procedures or requirements comply with the following conditions: (a) they contribute a high level of credibility and quality to the annual or consolidated financial statements in conformity with the principles set out in Article 4(3) of Directive [xxxx] on the annual financial statements and the consolidated financial statements of certain types of undertakings; (b) are conducive to the Union public good. Member States shall communicate those audit procedures or requirements to the Commission, ESMA and other Member States. 2. For the purposes of paragraph 1, 'international auditing standards' means International Standards on Auditing (ISAs) and related Statement and Standards which are part of the Clarity Project issued by the International Federation of Accountants (IFAC) in 2009 insofar as they are relevant to the statutory audit. 3. The Commission shall be empowered to adopt delegated acts in accordance with Article 48a for the purpose of amending the definition of international auditing standards in paragraph 2 of this Article. When using such powers, the Commission shall take into account any amendments brought to the ISAs by the IFAC, the opinion of the Public Interest Oversight Board on such amendments as well as any other developments in auditing and the audit profession.’.Article 26 deleted Auditing standards

2012/11/14
Committee: JURI

Françoise CASTEX, Frédéric DAERDEN

Proposal for a directive
Article 1 – point 23 – point -a (new)

Directive 2006/43/EC
Article 47 – paragraph 1 – point b

(-a) in paragraph 1, point (b) is replaced by the following: (b) the transfer takes place via the home competent authorities to the competent authorities of that third country and upon their reasoned request;

2012/11/14
Committee: JURI

Françoise CASTEX, Frédéric DAERDEN

Proposal for a directive
Article 1 – point 23 – point aa (new)

Directive 2006/43/EC
Article 47 – paragraph 2 – point d

(aa) in paragraph 2, point (d) is replaced by the following: (d) the request from a competent authority of a third country for audit working papers or other documents held by a statutory auditor or audit firm can be refused: – where the provision of those working papers or documents would adversely affect the sovereignty, security or public order of the Community or of the requested Member State, or – where the guarantees offered by the competent authorities of the third country in order to protect the business secrecy and commercial interests, including the industrial and intellectual property rights, of the audited entities are deemed insufficient by the competent authorities of the Member State, or – where judicial proceedings have already been initiated in respect of the same actions and against the same persons before the authorities of the requested Member State.

2012/11/14
Committee: JURI

Françoise CASTEX, Frédéric DAERDEN

Proposal for a directive
Article 1 – point 23 – point ca (new)

Directive 2006/43/EC
Article 47 – paragraph 6

(ca) paragraph 6 is replaced by the following: Member States shall communicate to the Commission the working arrangements referred to in paragraphs 1 and 4. The Commission shall ensure, in particular, the conformity thereof with the provisions of Directive 95/46/EC.

2012/11/14
Committee: JURI

11 Amendments of Françoise CASTEX related to 2011/0389(COD)

ParlTrack - 2011-2024