New EU Rules

November 22, 2015 RECENT DEVELOPMENTS

Our Fall 2015 Newsletter is devoted solely to the new independence rules in the EU framework, which update the 2006 Statutory Audit Directive and create a new regulation that applies to statutory audits of “public interest entities”.  Rules applicable under the new reg. include limits on audit firm terms, tightened restrictions on nonaudit services, and a new nonaudit fee cap, among other things.  The Newsletter provides a recap of the more significant elements – which may impact US affiliates of EU companies (and vice versa) — and provides suggestions for firms’ consideration as they look to implement the new rules in their practices.