The objective of the study will be to provide data and analysis to the Commission services/DG FISMA on the implementation of the new audit regulatory framework. The data and analysis provided will therefore need to be calibrated to enable the Commission to subsequently carry out an assessment of the current EU framework legislation and national legislation applicable to statutory audits of PIEs and non-PIEs.
The study will therefore provide quantitative and qualitative data and analysis of the legal requirements applicable in a representative sample of Member States and Norway on:
– the content of the audit reports and audit committee reports (in support of the first objective of the reform to enhance transparency)
– the mandatory rotation of audit firms and statutory auditors (in support of the second and third objectives to enhance auditors’ independence and promote competition)
– prohibition of certain non-audit services (second and third objectives)
– the cap on fees generated by allowed non-audit services (second and third objectives)
– the appointment of statutory auditors and audit firms (second and third objectives)
– on systems of investigations and sanctions (in support of the fours objective to strengthen pan-EU supervision by requiring that national oversight authorities retain the competence to investigate and sanction breaches of the European regulatory framework and establishing an EU level authority, the CEAOB)