03 April 2014

欧州議会、EU（欧州連合）監査市場の改革案について欧州連合理事会と合意

The draft also aims to improve audit quality and transparency and to prevent conflicts of interest. The role of auditors has been called into question due to the financial crisis. The “audit reform package” consists of a regulation and a directive.

Better quality auditing

The legislation requires auditors in the EU to publish audit reports according to international auditing standards. For auditors of public-interest entities (PIEs), such as banks, insurance companies and listed companies, the text requires audit firms to provide shareholders and investors with a detailed understanding of what the auditor did and an overall assurance of the accuracy of the company's accounts.

Opening up the EU audit market to competition and improving transparency

As one in a series of measures to open up the market and improve transparency, the approved text prohibits "Big 4-only" contractual clauses requiring that the audit be done by one of these firms.

PIEs will be required to issue a call for tenders when selecting a new auditor. To ensure that relations between the auditor and the audited company do not become too cosy, MEPs agreed on a “mandatory rotation” rule whereby an auditor may inspect a company's books for up to 10 years, which may be increased by 10 additional years if new tenders are issued, and by up to 14 additional years in the case of joint audits, i.e. when a firm is being audited by more than one audit firm.

The Commission had proposed mandatory rotation after 6 years, but a majority judged that this would be a costly and unwelcome intervention in the audit market.

Independence of non-auditing services

To preclude conflicts of interest and threats to independence, EU audit firms will be required to abide by rules mirroring those in effect internationally. EU audit firms will moreover be prohibited from providing several non-audit services to their clients, including tax advisory services that directly affect the company's financial statements or services linked to the client’s investment strategy.

Next steps

The deal will also have to be approved by the Council of Ministers. Most of its provisions are to take effect within 2 years of the package’s entry into force, but the restriction on fee income from non-auditing services is to take effect within 3 years.

Press release

ACCA welcomes the endorsement of the audit package by the EP

Sue Almond, external affairs director at ACCA, says: "ACCA congratulates the effort to increase audit quality and re-establish investor confidence in financial information. The long-running EU audit debate has resulted in a highly complex legislative package that will have far-reaching consequences in improving transparency and accountability."

Sue Almond adds: 'The final position is a balanced compromise that will enhance the functioning of the single market and stimulate economic growth. Promoting auditors’ independence, objectivity and healthy competition is a pivotal element in restoring public trust in the audit, and in the auditing profession.'

'ACCA is pleased with the adoption of high-quality global standards, including International Standards on Auditing (ISAs), and welcomes the concept as a way to enhance value from the audit. We support increased transparency by the Audit Committee of its policy for audit tendering and the rationale for change. We believe that the Audit Committee is best placed to determine the most appropriate provider to deliver specific non-audit services, assess the independence of an auditor and to make appropriate recommendations' explains Sue Almond.

'ACCA is keen to see the debate on audit refocus on a higher level, especially the value of audit and its broader societal contribution. We think it is critical to take into consideration the needs of business and investors across the EU and the practical impact the reform package will have on them. The challenge of this legislation now is a consistent application in member states. It is important for this to be done in a way that there is no gold-plating and it does not impose unnecessary burdens on business' concludes Sue Almond.

Press release 

© European Parliament