EU Audit Reform

Thu 04 Aug 2016

EU Audit Reforms came into effect on 17 June 2016 with the intention of reinforcing the independence of the external auditors.

The UK Corporate Governance Code has been updated in 2016 thus implementing the EU Audit Reforms into the UK regulatory framework. The changes include some revisions to the Code Provisions on the composition of the audit committee, the rotation of external auditors, further restrictions to the lists of non-audit services that could be provided by the auditors and caps on the level of non-audit fees. This Prism Briefing considers the impact of these changes for UK listed companies.

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