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The Commission adopted a Decision concerning a transitional period for audit activities of certain non-EU auditors and audit entities. The decision ensures the proper implementation of Article 46 of the Statutory Audit Directive, which allows Member States to modify or not to apply the registration requirements for third country auditors set out in Article 45 of the Directive only if such auditors fulfil certain conditions.
The Decision allows 30 third country audit firms to continue their audit activities regarding third country companies listed on European markets by granting the audit firms concerned a transitional period in respect to registration requirements until 1 July 2010.
The Commission drew up a scoreboard based on the information provided by Member States. The scoreboard shows that twelve Member States completed the entire implementation of the Directive to date. This scoreboard will be regularly updated in order to inform the European Parliament and the markets on where Member States stand on the implementation.