[ParlTrack]

Proposal for a regulation
Article 7 – paragraph 4

4. Persons or firms referred to in paragraph 2 shall not solicit or accept ~~money,~~any gifts ~~or favour~~and/or benefits from anyone with whom the statutory audit or audit firm has a contractual relationship.

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1

A statutory auditor or an audit firm carrying out statutory audit of public- interest entities may not provide to the audited entity, to its parent undertaking and to its controlled undertakings statutory audit services and related financial audit services.

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2

Where the statutory auditor belongs to a network, a member of such network may not provide to the audited entity, to its parent undertaking and to its controlled undertakings within the Union statutory audit services or related financial audit services.

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4

By derogation from the first and second subparagraphs, the services mentioned in point (b)(iii) and (iv) may be provided by the statutory auditor or the audit firm, subject to prior approval by the competent authority referred to in Article 35(1).deleted

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 5

By derogation from the first and second subparagraphs, the services mentioned in point (b)(i) and (ii) may be provided by the statutory auditor or the audit firm, subject to prior approval by the audit committee as referred to in Article 31 of this Regulation.deleted

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 1

When a member of the network to which the statutory auditor or the audit firm carrying out statutory audit of a public- interest entity belongs provides non-audit services to an undertaking incorporated in a third country controlled by the audited public-interest entity, the statutory auditor or the audit firm concerned shall assess whether his, her or its independence would be compromised by such provision of services by the member of the network.deleted

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2

If his, her or its independence is affected, the statutory auditor or the audit firm shall apply safeguards in order to mitigate the threats caused by such provision of services in a third country. The statutory auditor or the audit firm may continue to carry out the statutory audit of the public- interest entity only if he, she or it can justify, in accordance with Article 11, that such provision of services does not affect his, her or its professional judgement and the audit report.deleted

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 10 – paragraph 5

5. Where an audit firm generates more than one third of its annual audit revenues from large public-interest entities and belongs to a network whose members have combined annual audit revenues which exceed EUR 1 500 million within the European Union, it shall comply with the following conditions: (a) it shall not directly or indirectly provide to any public interest entity non- audit services; (b) it shall not belong to a network which provides non-audit services within the Union; (c) any entity which provides the services listed in paragraph 3 shall not directly or indirectly hold more than 5 % of the capital or of the voting rights in the audit firm; (d) the entities which provide the services listed in paragraph 3shall not directly or indirectly hold together more than 10 % of the capital or of the voting rights in the audit firm; (e) such audit firm shall not directly or indirectly hold more than 5 % of the capital or of the voting rights in any entity which provides the services listed in paragraph 3.deleted

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 20 – paragraph 1

TWhen carrying out the statutory audit of public-interest entities the statutory auditor(s) or the audit firm(s) shall comply with the international auditing standards referred to in Article 26 of Directive 2006/43/EC ~~when carrying out the statutory audit of public-interest entities as long as those standards~~that are in conformity with the requirements of this Regulation.

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 22 – paragraph 2 – point f a (new)

(fa) in support of the audit opinion on the true and fair view of annual or consolidated financial statements as a whole, as required in point (t), provide for each significant audit risk – as defined in accordance with the international standards on auditing referred to in Article 26 of Directive 2006/43/EC – the information provided in the audit report shall include the following: (i) a description of all assessed risks of material misstatement; (ii) a summary of the auditor's response to those risks; and (iii) key observations from that audit work. Where relevant to the above information provided in the audit report on each significant audit risk, a reference to the relevant disclosures in the financial statements shall be provided. The information referred to above in respect of most important assessed risks of material misstatement that is to be disclosed in the audit report shall be selected from among the matters that have come to light during the audit work.

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 22 – paragraph 2 – point t

(t) give an opinion which shall state clearly the opinion of the statutory auditor(s) or the audit firm(s) as to whether the annual or consolidated financial statements give a true and fair view and have been prepared in accordance with the relevant financial and asset-related reporting framework and, where appropriate, whether the annual or consolidated financial statements comply with statutory requirements; the audit opinion shall be either unqualified, qualified, an adverse opinion or, if the statutory auditor(s) or audit firm(s) are unable to express an audit opinion, a disclaimer of opinion. In case of a qualified or an adverse opinion or a disclaimer of opinion, the report shall explain the reasons of such decision;

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 32 – paragraph 2 – subparagraph 2

Unless it concerns the renewal of an audit engagement in accordance with the second subparagraph of Article 33(1), the recommendation shall contain at least twohree choices for the audit engagement and the audit committee shall express a duly justified preference for one of them.

2012/11/09
Committee: JURI

Giuseppe GARGANI

Proposal for a regulation
Article 33 – paragraph 3

3. By way of derogation from paragraphs 1 and 2, on an exceptional basis the public-interest entity may request the competent authority referred to in Article 35(1) to grant an extension to re-appoint the statutory auditor or audit firm for an additional engagement. In case of appointment of two statutory auditors or audit firms, this third engagement shall not exceed three years. In case of appointment of one statutory auditor or audit firm, this third engagement shall not exceed two years.deleted

2012/11/09
Committee: JURI

13 Amendments of Giuseppe GARGANI related to 2011/0359(COD)

ParlTrack - 2011-2024