Irregularities
- Auditors must report suspected irregularities to audited entities and authorities
Retained EU Law
2014
United Kingdom
Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC (Text with EEA relevance)
At a glance
What's here
7 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Engagement quality control review
- Arrange independent quality control review before audit reports
Audit report
- Statutory auditors must prepare audit reports with specified content
Additional report to the audit committee
- Submit additional report to audit committee with detailed audit findings
Transparency report
- Publish an annual transparency report about your audit practice
Information for competent authorities
- Provide annual revenue breakdown from audited public-interest entities to competent authority
Duration of the audit engagement
- Limit audit engagement to 10 years and rotate audit partners every 7 years
Browse 37 other sections — procedural / definitional / commencement
Subject matter
Scope
Definitions
Audit fees
Prohibition of the provision of non-audit services
Preparation for the statutory audit and assessment of threats to independence
International auditing standards
Report to supervisors of public-interest entities
Record keeping
Appointment of statutory auditors or audit firms
Hand-over file
Dismissal and resignation of the statutory auditors or the audit firms
Designation of competent authorities
Conditions of independence
Professional secrecy in relation to competent authorities
Powers of competent authorities
Delegation of tasks
Cooperation with other competent authorities at national level
Quality assurance
Monitoring market quality and competition
Transparency of competent authority
Obligation to cooperate
Establishment of the CEAOB
Cooperation with regard to quality assurance reviews, investigations and on-site inspections
Colleges of competent authorities
Delegation of tasks
Confidentiality and professional secrecy in relation to cooperation among competent authorities
Protection of personal data
Agreement on exchange of information
Disclosure of information received from third countries
Disclosure of information transferred to third countries
Exercise of the delegation
Review and reports
Transitional provisions
National provisions
Repeal of Commission Decision 2005/909/EC
Entry into force
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