New Directive 2014/56/ΕU & New Regulation 2014/537/ΕU

New Directive 2014/56/ΕU& New Regulation 2014/534/ΕU for the Auditing Profession

Published in the Official Journal of the European Union, decisions of the European Parliament and Council on the 16th April 2014 concerning:

(a) the Regulation 537/2014/EU and

(b) the Directive 2014/56/ΕU.

The new European legislation provides changes that strengthen the independence and professional skepticism of statutory auditors, to increase the quality of control, transparency and improvement of their supervision.

Both the new Directive, which amends the existing Directive 2006/43/ΕC and the new Regulation, will be active from the 16th of June 2016.