Publication on non-audit services and auditor’s independence
There is a clear trend in stakeholders’ expectations from companies to report on a wider variety of matters. In parallel, the scope of audit and other assurance services provided by the auditor are expected to keep evolving.
Our recent publication communicates the measures in place to ensure auditors’ independence while providing other assurance services to the companies they audit. It also describes the reasons why auditors are requested or required to provide these services. Finally, examples of assurance services are presented to explain how auditor’s involvement offers benefits to shareholders and other stakeholders.
Two updated publications on countries’ implementation of the 2014 EU audit legislation
We have updated our two publications on national implementation of the 2014 EU audit legislation to reflect the latest legislative changes in European countries.
Implementation of the 2014 EU Audit Directive and Regulation in 30 European countries: State of play as of November 2021
More than five years after the implementation deadline, we present an updated state of play in 30 European countries, including 27 EU Member States, Iceland, Norway and the United Kingdom. We have further analysed the countries’ decisions & their latest legislative changes and visualised the outcomes for the key options regarding:
- non-audit services provision
- mandatory audit firm rotation
- key activities of public oversight bodies and delegation of tasks to professional bodies
Organisation of the public oversight of the audit profession in 30 European countries: Survey results
The publication provides an overview of how the public oversight is organised in each of the 27 EU Member States and Iceland and Norway, as members of the European Economic Area, and the United Kingdom. It covers information on composition, funding, transparency and key activities of the national public oversight bodies and the extent of delegation of tasks to professional bodies.
Our findings show that the national public oversight bodies now carry out many activities previously in the competence of the professional bodies. Nevertheless, professional bodies continue to play an important role in this area working together with public oversight bodies to reinforce audit quality.
FAQs on sustainability information assurance
The EC adopted a proposal for the Corporate Sustainability Reporting Directive (CSRD) to strengthen sustainability reporting. This is fundamental to achieve a sustainable economy. It requires companies to report more comparable, targeted, reliable as well as easily accessible information as the basis for sustainable decision-making.
The EC also introduces an EU-wide requirement for limited assurance on sustainability information. According to the EC proposal, independent external assurance enhances the reported sustainability information’s credibilityhelps meet the growing demands for reliable information on sustainability matters.
Our new FAQ provides answers to recurring questions on sustainability information assurance, specifically on:
- limited and reasonable assurance engagements
- assurance requirements and the EU regulatory framework
- technical aspects of professional assurance standards
The questions and answers aim to inform policymakers and other interested stakeholders about assurance on sustainability information.