The EU Audit Reform: setting the foundation of a competitive European audit market

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Our goal is to shed some light on the EU Audit Reform (EAR) by providing you with a thorough understanding of its objectives and the major changes it will introduce to the audit market. In this regard, we seek to accompany you during the transitional period and provide you with the necessary support to prepare— in an informed and timely manner— for this new market environment. We will keep you updated on Member State implementation laws as they are being adopted ahead of entry into force on 17 July 2016.

What motivated the EU to adopt such a reform?

The EAR was launched following the 2008 global financial crisis. Though banks, rating agencies and hedge funds were the primary suspects, the European Commission (EC) also raised the issue of the role of auditors and their failure to detect the necessary warning signs leading up to the crisis. We invite you to learn more about why the EC adopted this reform in 2014 and what this means for the European audit market.