How are Member States adopting the EAR?

The regulatory environment for businesses across Europe is largely affected by individual Member State legislations. As the EU Audit Reform (EAR) contains several options for EU Member States that extend beyond the EU baseline measures, rules can vary from one Member State to the next. Our aim is to provide you with a detailed overview of how local legislation is being adopted.

To implement the EAR, each Member State was required to align the EU legislation with its national legislation before 17 June 2016. However, several member states are still in the process of finalizing their respective laws. Because Member States have 51 options in the Directive and 32 in the Regulation one can find a patchwork of diverging national rules in the EU. Mazars will keep you informed of local legislations, and provide you with a detailed overview of the national laws in place as they are being adopted. 

Austria

The Austrian government completed implementation of the EAR by vote in parliament on 19 May 2016. The new “Abschlussprüfungsrechts-Änderungsgesetz 2016 – APRÄG 2016“ entered into force on 17 June 2016.

France

The European audit legislation in France has been finalized and adopted on 18 March 2016. The legislation entered into force on 17 June 2016.

Germany

The German Federal Government completed implementation of the EAR in two phases: It adopted the Audit Reform Act on 17 March 2016 and the Audit Oversight Reform Act on 18 December 2015. The new rules entered into force on 17 June 2016.

Hungary

The Hungarian government completed implementation of the EAR by vote in parliament on 10 May 2016. The new rules entered into force on 17 June 2016.

Ireland

The Irish government implemented the EU regulation by process of Statutory Instrument (S.I. No. 312 of 2016) on 15 June 2016. The new rules entered into force on 17 June 2016.

Portugal

The Portuguese government completed implementation of the EAR on 9 September 2015, when the Portuguese legislators adopted Law 140/2015 on the reform of the Decree on Statutory Audit and Law 148/2015 on supervision of the audit profession. The new rules entered into force on 17 June 2016.

Slovakia

The Slovak government completed implementation of the EAR on 11 November 2015, when the National Council of the Slovak Republic adopted its act on Statutory Audit and Accounting. The new rules entered into force on 17 June 2016.

Spain

The Spanish government completed implementation of the EAR on 9 July 2015, and obtained the Spanish Parliament's final approval of Spain’s new audit law. The legislation was published on 21 July 2015. The majority of the provisions entered into force from the first financial year commencing on or after 17 June 2016.

Sweden

The Swedish government completed implementation of the EAR by vote in parliament on 18 May 2016. The new rules entered into force on 17 June 2016.

Partager