01 December 2011
The European Commission has published its controversial proposals for an Audit Directive and Regulations, details of which are available here.
The proposals include:
- a ban on the provision of tax (and other non-audit) services to audit clients;
- mandatory change of auditors after 6 or 9 years;
- mandatory open and transparent tendering for auditors of public interest entities;
- European supervision of the audit sector; and
- the creation of a European passport for auditors to help facilitate a single market for audit.
More information is given in the Commission Press Release and FAQs.