BETA


2004/0065(COD) Company law: statutory audit of annual and consolidated accounts (amend. Directives 78/660/EEC and 83/349/EEC, repeal. Directive 84/253/EEC)

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead JURI DOORN Bert (icon: PPE-DE PPE-DE)
Committee Opinion EMPL
Committee Opinion ITRE RÜBIG Paul (icon: PPE-DE PPE-DE)
Committee Opinion IMCO WHITEHEAD Phillip (icon: PSE PSE)
Committee Opinion ECON KLINZ Wolf (icon: ALDE ALDE)
Committee Opinion LIBE
Lead committee dossier:
Legal Basis:
EC Treaty (after Amsterdam) EC 044-p2

Events

2012/02/13
   EC - Follow-up document
Details

The Commission presents a Staff Working Document on the transposition of Directive 2006/43/EC on statutory audits in the Member States and on European cooperation on auditor oversight. It recalls that in a resolution of 10 March 2009 on the implementation of the Directive, the European Parliament called on the Commission to evaluate the transposition measures for the Directive. The European Parliament’s resolution recalled that the aims of the Directive should be to further enhance harmonisation of the audit market, minimise exemptions in order to avoid fragmentation of the market and improve market stability and address problems of level playing-field between market participants. In addition, in order to tackle the issues related to the economic and financial crisis, the resolution stated that minimum harmonisation is no longer adequate to tackle the issues that appear in the audit market.

The Commission services have evaluated the national legislations transposing the Directive 2006/43/EC in Member States and present the results of that evaluation.

2006/06/09
   Final act published in Official Journal
Details

PURPOSE: to modernise EU provisions on the control of statutory audits of annual accounts and consolidated accounts.

LEGISLATIVE ACT: Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC .

CONTENT: the Council adopted a Directive updating and introducing additional EU rules on the audit of company accounts aimed at reinforcing the reliability of company financial statements through the establishment of minimum requirements for statutory audit of annual accounts and consolidated accounts. The Council accepted all Parliamentary amendments tabled at first reading.

The Directive broadens the scope of application of existing EU legislation (Directive 84/253/EEC) by specifying the duties of statutory auditors, their independence and ethics, introducing requirements for external quality assurance, with a view to ensuring better public oversight of the audit profession and improving co-operation between oversight bodies in the EU. At the same time it amends Directive 78/660/EEC and 83/349/EEC on accounting.

The new measures are intended to help improve quality audits within the EU and hence underpin confidence in the functioning of EU capital markets. They will also provide a basis for co-operation with oversight bodies of third countries to take account of globally interconnected capital markets.

ENTRY INTO FORCE: 29 June 2006.

TRANSPOSITION: 29 June 2008.

2006/05/17
   CSL - Draft final act
Documents
2006/05/17
   CSL - Final act signed
2006/05/17
   EP - End of procedure in Parliament
2006/04/25
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2006/04/25
   CSL - Council Meeting
2005/10/20
   EC - Commission response to text adopted in plenary
Documents
2005/10/11
   CSL - Council Meeting
2005/09/28
   EP - Text adopted by Parliament, 1st reading/single reading
Details

The European Parliament adopted the resolution drafted by Bert DOORN (EPP-ED, NL) making several amendments to the Commission’s proposal. (Please see the summary of 21/06/2005.) The principal points are as follows:

- Commission proposals for all publicly-listed companies to have a separate audit committee to supervise financial reporting procedures were deleted. The amendments give Member States the possibility to determine themselves the way in which firms are to supervise their internal auditing reporting. The Member States could allow a number of exemptions from the obligation to have an audit committee and would also be given discretion to maintain national bodies similar to an audit committee;

-the Directive aims at high level -though not full - harmonisation of statutory audit requirements. The Member State requiring the statutory audit can impose more stringent requirements, unless otherwise indicated in the text of the Directive.

-Parliament has expanded on the matter of an auditor’s independence: examples of threats to the independence of a statutory auditor or audit firm are a direct or indirect financial interest in the audited entity and the provision of additional non-audit services. Also, the level of fees received from one audited entity and/or the structure of the fees can threaten the independence of a statutory auditor or audit firm. Types of safeguards to be applied to mitigate or eliminate these threats include prohibitions, restrictions, other policies and procedures and disclosure. Statutory auditors and audit firms should refuse to undertake any additional non-audit service that compromises their independence. The Commission may, as minimum standards, adopt implementing measures on independence. In order to determine the independence of auditors, the concept of a "network" in which auditors operate needs to be clear. In this regard, various circumstances have to be taken into account such as instances where a structure could be defined as a network because it is aimed at profit or cost sharing. The criteria for demonstrating that there is a network should be judged and weighed on the basis of all factual circumstances available, such as whether there are common usual clients;

-Parliament has amended many of the definitions in the text and inserted new ones, such as "Non-practitioner” and "Key audit partner(s)";

-amendments were also made to the obligation for a public interest company to change auditors every five years and audit firm every seven. The legislation now requires rotation every seven years, only for key audit partner/statutory auditor, and not for the audit firms themselves. Member States must ensure that the key audit partner(s) responsible for carrying out the statutory audit shall rotate from the audit engagement within a maximum period of seven years after the date of appointment and shall be allowed to participate in the audit of the audited entity again after a minimum period of two years.

- In cases of self review or self interest, where appropriate to safeguard the statutory auditor´s or audit firm's independence, it should be for the Member State rather than the statutory auditor or the audit firm to decide whether the statutory auditor or audit firm should resign or abstain from an audit engagement with regard to its audit clients. However, this should not lead to a situation where Member States have a general duty to prevent statutory auditors or audit firms from providing non-audit services to their audit clients. For the purposes of determining whether it is appropriate, in cases of self interest or self review, that a statutory auditor or audit firm should not carry out statutory audits, so as to safeguard the statutory auditor's or audit firm's independence, the factors to be taken into account should include the question whether or not the audited public interest entity has issued transferable securities admitted to trading on a regulated market.

-with regard to public oversight, the system of public oversight must be governed by non-practitioners who are knowledgeable in the areas relevant to statutory audit. Member States may however allow a minority of practitioners to be involved in the governance of the public oversight system. These non-practitioners may be specialists who have never been linked with the audit profession or former practitioners who have left the profession.

-on the issue of auditors’ liability, the Commission shall before the end of 2006 present a report on the impact of the current national liability rules for carrying out statutory audits on the European capital markets and on the insurance conditions for statutory auditors and audit firms, including an objective analysis of the limitations of financial liability.

-with regard to the adoption of technical implementing rules by committee procedure, upon expiry of a two-year period following the adoption of the Directive and on 1 April 2008 at the latest, the application of its provisions requiring the adoption of technical rules, amendments and decisions shall be suspended. Acting on a proposal from the Commission, the European Parliament and the Council may renew the provisions concerned in accordance with the codecision procedure and to that end they must review them prior to the expiry of the period above.

Lastly, the date of transposition has been put back to 24 months of entry into force of the Directive, rather than 1 January 2006.

2005/09/28
   EP - Results of vote in Parliament
2005/09/28
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted the resolution drafted by Bert DOORN (EPP-ED, NL) making several amendments to the Commission’s proposal. (Please see the summary of 21/06/2005.) The principal points are as follows:

- Commission proposals for all publicly-listed companies to have a separate audit committee to supervise financial reporting procedures were deleted. The amendments give Member States the possibility to determine themselves the way in which firms are to supervise their internal auditing reporting. The Member States could allow a number of exemptions from the obligation to have an audit committee and would also be given discretion to maintain national bodies similar to an audit committee;

-the Directive aims at high level -though not full - harmonisation of statutory audit requirements. The Member State requiring the statutory audit can impose more stringent requirements, unless otherwise indicated in the text of the Directive.

-Parliament has expanded on the matter of an auditor’s independence: examples of threats to the independence of a statutory auditor or audit firm are a direct or indirect financial interest in the audited entity and the provision of additional non-audit services. Also, the level of fees received from one audited entity and/or the structure of the fees can threaten the independence of a statutory auditor or audit firm. Types of safeguards to be applied to mitigate or eliminate these threats include prohibitions, restrictions, other policies and procedures and disclosure. Statutory auditors and audit firms should refuse to undertake any additional non-audit service that compromises their independence. The Commission may, as minimum standards, adopt implementing measures on independence. In order to determine the independence of auditors, the concept of a "network" in which auditors operate needs to be clear. In this regard, various circumstances have to be taken into account such as instances where a structure could be defined as a network because it is aimed at profit or cost sharing. The criteria for demonstrating that there is a network should be judged and weighed on the basis of all factual circumstances available, such as whether there are common usual clients;

-Parliament has amended many of the definitions in the text and inserted new ones, such as "Non-practitioner” and "Key audit partner(s)";

-amendments were also made to the obligation for a public interest company to change auditors every five years and audit firm every seven. The legislation now requires rotation every seven years, only for key audit partner/statutory auditor, and not for the audit firms themselves. Member States must ensure that the key audit partner(s) responsible for carrying out the statutory audit shall rotate from the audit engagement within a maximum period of seven years after the date of appointment and shall be allowed to participate in the audit of the audited entity again after a minimum period of two years.

- In cases of self review or self interest, where appropriate to safeguard the statutory auditor´s or audit firm's independence, it should be for the Member State rather than the statutory auditor or the audit firm to decide whether the statutory auditor or audit firm should resign or abstain from an audit engagement with regard to its audit clients. However, this should not lead to a situation where Member States have a general duty to prevent statutory auditors or audit firms from providing non-audit services to their audit clients. For the purposes of determining whether it is appropriate, in cases of self interest or self review, that a statutory auditor or audit firm should not carry out statutory audits, so as to safeguard the statutory auditor's or audit firm's independence, the factors to be taken into account should include the question whether or not the audited public interest entity has issued transferable securities admitted to trading on a regulated market.

-with regard to public oversight, the system of public oversight must be governed by non-practitioners who are knowledgeable in the areas relevant to statutory audit. Member States may however allow a minority of practitioners to be involved in the governance of the public oversight system. These non-practitioners may be specialists who have never been linked with the audit profession or former practitioners who have left the profession.

-on the issue of auditors’ liability, the Commission shall before the end of 2006 present a report on the impact of the current national liability rules for carrying out statutory audits on the European capital markets and on the insurance conditions for statutory auditors and audit firms, including an objective analysis of the limitations of financial liability.

-with regard to the adoption of technical implementing rules by committee procedure, upon expiry of a two-year period following the adoption of the Directive and on 1 April 2008 at the latest, the application of its provisions requiring the adoption of technical rules, amendments and decisions shall be suspended. Acting on a proposal from the Commission, the European Parliament and the Council may renew the provisions concerned in accordance with the codecision procedure and to that end they must review them prior to the expiry of the period above.

Lastly, the date of transposition has been put back to 24 months of entry into force of the Directive, rather than 1 January 2006.

Documents
2005/09/26
   EP - Debate in Parliament
2005/07/01
   EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2005/07/01
   EP - Committee report tabled for plenary, 1st reading
Documents
2005/06/21
   EP - Vote in committee, 1st reading
Details

The committee adopted the report by Bert DOORN (EPP-ED, NL) amending the proposal under the 1st reading of the codecision procedure. The report sought to clarify a number of provisions, in particular on audit committees and on the independence and liability of auditors. Following a series of trialogue meetings, a number of amendments also aimed to approximate Parliament's position to that of the Council with a view to reaching agreement at 1st reading. The main amendments were as follows:

- statutory audit committee : MEPs were opposed to an EU-level requirement to set up statutory audit committees for public interest entities and instead wanted to leave it to the legislation of the Member States to determine the manner in which firms are to regulate and supervise their own internal reporting. The Member States could allow a number of exemptions from the obligation to have an audit committee and would also be given discretion to maintain national bodies similar to an audit committee;

- independent auditors : the committee amended the text of the proposal with the aim of clarifying the requirements for the auditor's independence from the entity being audited, including membership-based auditing entities. On the rotation of auditors, the committee stipulated that the key audit partners should rotate from the audit engagement within a maximum period of seven years rather than five years as laid down in the Commission proposal;

- limitation of liability : the committee proposed a new Article 30a providing that the Commission should report by the end of 2006 on "the impact of the current national liability rules for carrying out statutory audits on the European capital markets and on the insurance conditions for statutory auditors and audit firms, including an analysis of the limitations of financial liability". In the light of that report, the Commission should submit recommendations to the Member States if it considers it appropriate.

Lastly, the committee introduced a new Article 52a making it clear that this directive is a minimum harmonisation directive and that the Member States requiring the statutory audit can impose more stringent requirements unless otherwise indicated in the text.

2005/06/01
   EP - Amendments tabled in committee
Documents
2005/03/18
   EP - Committee opinion
Documents
2005/03/17
   EP - Committee opinion
Documents
2005/03/15
   EP - Committee opinion
Documents
2005/01/13
   EP - Referral to associated committees announced in Parliament
2004/12/15
   ESC - Economic and Social Committee: opinion, report
2004/11/30
   EP - WHITEHEAD Phillip (PSE) appointed as rapporteur in IMCO
2004/10/07
   EP - RÜBIG Paul (PPE-DE) appointed as rapporteur in ITRE
2004/09/15
   EP - Committee referral announced in Parliament, 1st reading
2004/09/14
   EP - DOORN Bert (PPE-DE) appointed as rapporteur in JURI
2004/09/13
   EP - KLINZ Wolf (ALDE) appointed as rapporteur in ECON
2004/03/16
   EC - Legislative proposal
2004/03/15
   EC - Legislative proposal published

Documents

History

(these mark the time of scraping, not the official date of the change)

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Amended by 2006/0285(COD) See also 2008/2247(INI) Amended by 2011/0308(COD) Amended by 2011/0389(COD)
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activities
  • date: 2004-03-16T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2004/0177/COM_COM(2004)0177_EN.pdf title: COM(2004)0177 type: Legislative proposal published celexid: CELEX:52004PC0177:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services type: Legislative proposal published
  • date: 2004-09-15T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
  • date: 2005-01-13T00:00:00 body: EP type: Referral to associated committees announced in Parliament
  • date: 2005-06-21T00:00:00 body: EP committees: body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE type: Vote in committee, 1st reading/single reading
  • date: 2005-07-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-224&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A6-0224/2005 body: EP committees: body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE type: Committee report tabled for plenary, 1st reading/single reading
  • date: 2005-09-26T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20050926&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2005-09-28T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4177&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-353 type: Decision by Parliament, 1st reading/single reading title: T6-0353/2005 body: EP type: Results of vote in Parliament
  • date: 2005-10-11T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2682
  • date: 2006-04-25T00:00:00 body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 2724
  • date: 2006-04-25T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
  • date: 2006-05-17T00:00:00 body: CSL type: Final act signed
  • date: 2006-05-17T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2006-06-09T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0043 title: Directive 2006/43 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:157:TOC title: OJ L 157 09.06.2006, p. 0087-0107
commission
  • body: EC dg: Financial Stability, Financial Services and Capital Markets Union commissioner: --
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council
  • body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 2724 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2724*&MEET_DATE=25/04/2006 date: 2006-04-25T00:00:00
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2682 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2682*&MEET_DATE=11/10/2005 date: 2005-10-11T00:00:00
docs
  • date: 2004-12-15T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1648)(documentyear:2004)(documentlanguage:EN) title: CES1648/2004 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2005:157:TOC title: OJ C 157 28.06.2005, p. 0115-0119 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2005-01-19T00:00:00 docs: title: PE353.280 type: Committee draft report body: EP
  • date: 2005-03-15T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE353.287&secondRef=03 title: PE353.287 committee: ECON type: Committee opinion body: EP
  • date: 2005-03-17T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE349.806&secondRef=02 title: PE349.806 committee: ITRE type: Committee opinion body: EP
  • date: 2005-03-18T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE353.614 title: PE353.614 committee: IMCO type: Committee opinion body: EP
  • date: 2005-07-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-224&language=EN title: A6-0224/2005 type: Committee report tabled for plenary, 1st reading/single reading body: EP
  • date: 2005-09-28T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-353 title: T6-0353/2005 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:2006:227E:SOM:EN:HTML title: OJ C 227 21.09.2006, p. 0086-0432 E summary: The European Parliament adopted the resolution drafted by Bert DOORN (EPP-ED, NL) making several amendments to the Commission’s proposal. (Please see the summary of 21/06/2005.) The principal points are as follows: - Commission proposals for all publicly-listed companies to have a separate audit committee to supervise financial reporting procedures were deleted. The amendments give Member States the possibility to determine themselves the way in which firms are to supervise their internal auditing reporting. The Member States could allow a number of exemptions from the obligation to have an audit committee and would also be given discretion to maintain national bodies similar to an audit committee; -the Directive aims at high level -though not full - harmonisation of statutory audit requirements. The Member State requiring the statutory audit can impose more stringent requirements, unless otherwise indicated in the text of the Directive. -Parliament has expanded on the matter of an auditor’s independence: examples of threats to the independence of a statutory auditor or audit firm are a direct or indirect financial interest in the audited entity and the provision of additional non-audit services. Also, the level of fees received from one audited entity and/or the structure of the fees can threaten the independence of a statutory auditor or audit firm. Types of safeguards to be applied to mitigate or eliminate these threats include prohibitions, restrictions, other policies and procedures and disclosure. Statutory auditors and audit firms should refuse to undertake any additional non-audit service that compromises their independence. The Commission may, as minimum standards, adopt implementing measures on independence. In order to determine the independence of auditors, the concept of a "network" in which auditors operate needs to be clear. In this regard, various circumstances have to be taken into account such as instances where a structure could be defined as a network because it is aimed at profit or cost sharing. The criteria for demonstrating that there is a network should be judged and weighed on the basis of all factual circumstances available, such as whether there are common usual clients; -Parliament has amended many of the definitions in the text and inserted new ones, such as "Non-practitioner” and "Key audit partner(s)"; -amendments were also made to the obligation for a public interest company to change auditors every five years and audit firm every seven. The legislation now requires rotation every seven years, only for key audit partner/statutory auditor, and not for the audit firms themselves. Member States must ensure that the key audit partner(s) responsible for carrying out the statutory audit shall rotate from the audit engagement within a maximum period of seven years after the date of appointment and shall be allowed to participate in the audit of the audited entity again after a minimum period of two years. - In cases of self review or self interest, where appropriate to safeguard the statutory auditor´s or audit firm's independence, it should be for the Member State rather than the statutory auditor or the audit firm to decide whether the statutory auditor or audit firm should resign or abstain from an audit engagement with regard to its audit clients. However, this should not lead to a situation where Member States have a general duty to prevent statutory auditors or audit firms from providing non-audit services to their audit clients. For the purposes of determining whether it is appropriate, in cases of self interest or self review, that a statutory auditor or audit firm should not carry out statutory audits, so as to safeguard the statutory auditor's or audit firm's independence, the factors to be taken into account should include the question whether or not the audited public interest entity has issued transferable securities admitted to trading on a regulated market. -with regard to public oversight, the system of public oversight must be governed by non-practitioners who are knowledgeable in the areas relevant to statutory audit. Member States may however allow a minority of practitioners to be involved in the governance of the public oversight system. These non-practitioners may be specialists who have never been linked with the audit profession or former practitioners who have left the profession. -on the issue of auditors’ liability, the Commission shall before the end of 2006 present a report on the impact of the current national liability rules for carrying out statutory audits on the European capital markets and on the insurance conditions for statutory auditors and audit firms, including an objective analysis of the limitations of financial liability. -with regard to the adoption of technical implementing rules by committee procedure, upon expiry of a two-year period following the adoption of the Directive and on 1 April 2008 at the latest, the application of its provisions requiring the adoption of technical rules, amendments and decisions shall be suspended. Acting on a proposal from the Commission, the European Parliament and the Council may renew the provisions concerned in accordance with the codecision procedure and to that end they must review them prior to the expiry of the period above. Lastly, the date of transposition has been put back to 24 months of entry into force of the Directive, rather than 1 January 2006. type: Text adopted by Parliament, 1st reading/single reading body: EP
  • date: 2005-10-20T00:00:00 docs: url: /oeil/spdoc.do?i=4177&j=0&l=en title: SP(2005)4139 type: Commission response to text adopted in plenary
  • date: 2006-05-17T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=3667%2F05&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 03667/5/2005 type: Draft final act body: CSL
  • date: 2012-02-13T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2012:0017:FIN:EN:PDF title: EUR-Lex title: SWD(2012)0017 summary: The Commission presents a Staff Working Document on the transposition of Directive 2006/43/EC on statutory audits in the Member States and on European cooperation on auditor oversight. It recalls that in a resolution of 10 March 2009 on the implementation of the Directive, the European Parliament called on the Commission to evaluate the transposition measures for the Directive. The European Parliament’s resolution recalled that the aims of the Directive should be to further enhance harmonisation of the audit market, minimise exemptions in order to avoid fragmentation of the market and improve market stability and address problems of level playing-field between market participants. In addition, in order to tackle the issues related to the economic and financial crisis, the resolution stated that minimum harmonisation is no longer adequate to tackle the issues that appear in the audit market. The Commission services have evaluated the national legislations transposing the Directive 2006/43/EC in Member States and present the results of that evaluation. type: Follow-up document body: EC
events
  • date: 2004-03-16T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2004/0177/COM_COM(2004)0177_EN.pdf title: COM(2004)0177 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2004&nu_doc=177 title: EUR-Lex summary:
  • date: 2004-09-15T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2005-01-13T00:00:00 type: Referral to associated committees announced in Parliament body: EP
  • date: 2005-06-21T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: The committee adopted the report by Bert DOORN (EPP-ED, NL) amending the proposal under the 1st reading of the codecision procedure. The report sought to clarify a number of provisions, in particular on audit committees and on the independence and liability of auditors. Following a series of trialogue meetings, a number of amendments also aimed to approximate Parliament's position to that of the Council with a view to reaching agreement at 1st reading. The main amendments were as follows: - statutory audit committee : MEPs were opposed to an EU-level requirement to set up statutory audit committees for public interest entities and instead wanted to leave it to the legislation of the Member States to determine the manner in which firms are to regulate and supervise their own internal reporting. The Member States could allow a number of exemptions from the obligation to have an audit committee and would also be given discretion to maintain national bodies similar to an audit committee; - independent auditors : the committee amended the text of the proposal with the aim of clarifying the requirements for the auditor's independence from the entity being audited, including membership-based auditing entities. On the rotation of auditors, the committee stipulated that the key audit partners should rotate from the audit engagement within a maximum period of seven years rather than five years as laid down in the Commission proposal; - limitation of liability : the committee proposed a new Article 30a providing that the Commission should report by the end of 2006 on "the impact of the current national liability rules for carrying out statutory audits on the European capital markets and on the insurance conditions for statutory auditors and audit firms, including an analysis of the limitations of financial liability". In the light of that report, the Commission should submit recommendations to the Member States if it considers it appropriate. Lastly, the committee introduced a new Article 52a making it clear that this directive is a minimum harmonisation directive and that the Member States requiring the statutory audit can impose more stringent requirements unless otherwise indicated in the text.
  • date: 2005-07-01T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-224&language=EN title: A6-0224/2005
  • date: 2005-09-26T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20050926&type=CRE title: Debate in Parliament
  • date: 2005-09-28T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=4177&l=en title: Results of vote in Parliament
  • date: 2005-09-28T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-353 title: T6-0353/2005 summary: The European Parliament adopted the resolution drafted by Bert DOORN (EPP-ED, NL) making several amendments to the Commission’s proposal. (Please see the summary of 21/06/2005.) The principal points are as follows: - Commission proposals for all publicly-listed companies to have a separate audit committee to supervise financial reporting procedures were deleted. The amendments give Member States the possibility to determine themselves the way in which firms are to supervise their internal auditing reporting. The Member States could allow a number of exemptions from the obligation to have an audit committee and would also be given discretion to maintain national bodies similar to an audit committee; -the Directive aims at high level -though not full - harmonisation of statutory audit requirements. The Member State requiring the statutory audit can impose more stringent requirements, unless otherwise indicated in the text of the Directive. -Parliament has expanded on the matter of an auditor’s independence: examples of threats to the independence of a statutory auditor or audit firm are a direct or indirect financial interest in the audited entity and the provision of additional non-audit services. Also, the level of fees received from one audited entity and/or the structure of the fees can threaten the independence of a statutory auditor or audit firm. Types of safeguards to be applied to mitigate or eliminate these threats include prohibitions, restrictions, other policies and procedures and disclosure. Statutory auditors and audit firms should refuse to undertake any additional non-audit service that compromises their independence. The Commission may, as minimum standards, adopt implementing measures on independence. In order to determine the independence of auditors, the concept of a "network" in which auditors operate needs to be clear. In this regard, various circumstances have to be taken into account such as instances where a structure could be defined as a network because it is aimed at profit or cost sharing. The criteria for demonstrating that there is a network should be judged and weighed on the basis of all factual circumstances available, such as whether there are common usual clients; -Parliament has amended many of the definitions in the text and inserted new ones, such as "Non-practitioner” and "Key audit partner(s)"; -amendments were also made to the obligation for a public interest company to change auditors every five years and audit firm every seven. The legislation now requires rotation every seven years, only for key audit partner/statutory auditor, and not for the audit firms themselves. Member States must ensure that the key audit partner(s) responsible for carrying out the statutory audit shall rotate from the audit engagement within a maximum period of seven years after the date of appointment and shall be allowed to participate in the audit of the audited entity again after a minimum period of two years. - In cases of self review or self interest, where appropriate to safeguard the statutory auditor´s or audit firm's independence, it should be for the Member State rather than the statutory auditor or the audit firm to decide whether the statutory auditor or audit firm should resign or abstain from an audit engagement with regard to its audit clients. However, this should not lead to a situation where Member States have a general duty to prevent statutory auditors or audit firms from providing non-audit services to their audit clients. For the purposes of determining whether it is appropriate, in cases of self interest or self review, that a statutory auditor or audit firm should not carry out statutory audits, so as to safeguard the statutory auditor's or audit firm's independence, the factors to be taken into account should include the question whether or not the audited public interest entity has issued transferable securities admitted to trading on a regulated market. -with regard to public oversight, the system of public oversight must be governed by non-practitioners who are knowledgeable in the areas relevant to statutory audit. Member States may however allow a minority of practitioners to be involved in the governance of the public oversight system. These non-practitioners may be specialists who have never been linked with the audit profession or former practitioners who have left the profession. -on the issue of auditors’ liability, the Commission shall before the end of 2006 present a report on the impact of the current national liability rules for carrying out statutory audits on the European capital markets and on the insurance conditions for statutory auditors and audit firms, including an objective analysis of the limitations of financial liability. -with regard to the adoption of technical implementing rules by committee procedure, upon expiry of a two-year period following the adoption of the Directive and on 1 April 2008 at the latest, the application of its provisions requiring the adoption of technical rules, amendments and decisions shall be suspended. Acting on a proposal from the Commission, the European Parliament and the Council may renew the provisions concerned in accordance with the codecision procedure and to that end they must review them prior to the expiry of the period above. Lastly, the date of transposition has been put back to 24 months of entry into force of the Directive, rather than 1 January 2006.
  • date: 2006-04-25T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2006-05-17T00:00:00 type: Final act signed body: CSL
  • date: 2006-05-17T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2006-06-09T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to modernise EU provisions on the control of statutory audits of annual accounts and consolidated accounts. LEGISLATIVE ACT: Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC . CONTENT: the Council adopted a Directive updating and introducing additional EU rules on the audit of company accounts aimed at reinforcing the reliability of company financial statements through the establishment of minimum requirements for statutory audit of annual accounts and consolidated accounts. The Council accepted all Parliamentary amendments tabled at first reading. The Directive broadens the scope of application of existing EU legislation (Directive 84/253/EEC) by specifying the duties of statutory auditors, their independence and ethics, introducing requirements for external quality assurance, with a view to ensuring better public oversight of the audit profession and improving co-operation between oversight bodies in the EU. At the same time it amends Directive 78/660/EEC and 83/349/EEC on accounting. The new measures are intended to help improve quality audits within the EU and hence underpin confidence in the functioning of EU capital markets. They will also provide a basis for co-operation with oversight bodies of third countries to take account of globally interconnected capital markets. ENTRY INTO FORCE: 29 June 2006. TRANSPOSITION: 29 June 2008. docs: title: Directive 2006/43 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0043 title: OJ L 157 09.06.2006, p. 0087-0107 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:157:SOM:EN:HTML
other
  • body: CSL type: Council Meeting council: Former Council configuration
  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
procedure/dossier_of_the_committee
Old
JURI/6/22491
New
  • JURI/6/22491
procedure/final/url
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0043
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0043
procedure/instrument
Old
Directive
New
  • Directive
  • Amended by 2006/0285(COD) See also 2008/2247(INI) Amended by 2011/0308(COD) Amended by 2011/0389(COD)
procedure/subject
Old
  • 3.45.03 Financial management of undertakings, business loans, accounting
New
3.45.03
Financial management of undertakings, business loans, accounting
procedure/summary
  • Amended by
  • Amended by
  • Amended by
procedure/title
Old
Company law: statutory audit of annual and consolidated accounts (amend. Directives 78/660/EEC and 83/349/EEC, repeal. Directive 84/253/EEC)
New
Company law: statutory audit of annual and consolidated accounts (amend. Directives 78/660/EEC and 83/349/EEC, repeal. Directive 84/253/EEC)
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2004/0177/COM_COM(2004)0177_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2004/0177/COM_COM(2004)0177_EN.pdf
links/European Commission/title
Old
PreLex
New
EUR-Lex
activities
  • date: 2004-03-16T00:00:00 docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2004/0177/COM_COM(2004)0177_EN.pdf celexid: CELEX:52004PC0177:EN type: Legislative proposal published title: COM(2004)0177 type: Legislative proposal published body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
  • date: 2004-09-15T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
  • date: 2005-01-13T00:00:00 body: EP type: Referral to associated committees announced in Parliament
  • date: 2005-06-21T00:00:00 body: EP committees: body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE type: Vote in committee, 1st reading/single reading
  • date: 2005-07-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-224&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A6-0224/2005 body: EP committees: body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE type: Committee report tabled for plenary, 1st reading/single reading
  • date: 2005-09-26T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20050926&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2005-09-28T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4177&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-353 type: Decision by Parliament, 1st reading/single reading title: T6-0353/2005 body: EP type: Results of vote in Parliament
  • date: 2005-10-11T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2682
  • date: 2006-04-25T00:00:00 body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 2724
  • date: 2006-04-25T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
  • date: 2006-05-17T00:00:00 body: CSL type: Final act signed
  • date: 2006-05-17T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2006-06-09T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0043 title: Directive 2006/43 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:157:TOC title: OJ L 157 09.06.2006, p. 0087-0107
committees
  • body: EP responsible: False committee: ECON date: 2004-09-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: KLINZ Wolf
  • body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL
  • body: EP responsible: False committee: IMCO date: 2004-11-30T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: PSE name: WHITEHEAD Phillip
  • body: EP responsible: False committee: ITRE date: 2004-10-07T00:00:00 committee_full: Industry, Research and Energy rapporteur: group: PPE-DE name: RÜBIG Paul
  • body: EP responsible: True committee: JURI date: 2004-09-14T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: DOORN Bert
  • body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
links
European Commission
other
  • body: CSL type: Council Meeting council: Former Council configuration
  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
procedure
dossier_of_the_committee
JURI/6/22491
reference
2004/0065(COD)
instrument
Directive
legal_basis
EC Treaty (after Amsterdam) EC 044-p2
stage_reached
Procedure completed
summary
subtype
Legislation
title
Company law: statutory audit of annual and consolidated accounts (amend. Directives 78/660/EEC and 83/349/EEC, repeal. Directive 84/253/EEC)
type
COD - Ordinary legislative procedure (ex-codecision procedure)
final
subject
3.45.03 Financial management of undertakings, business loans, accounting