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.

The main elements of the Austrian law are the following:

  • Mandatory audit firm rotation must take place every 10 years.
  • If first appointment took place between 17th June 2003 and 15th June 2014, the mandate may be extended up to
    • 20 years in case of an open and competitive tender after 10 years; or
    • 24 years in case of a joint audit after 10 years.
  • Key audit partners must rotate after 5 years.
  • No additional items have been added to the EU list of prohibited non-audit services.
  • Austria has made use of its option to allow certain tax and valuation services (see information sheet).
  • The fee cap for non-audit services is maintained at 70 %, as established in the EU legislation. However, the Austrian audit law adds a requirement to the EU baseline:
    • If total fees received from a PIE in 5 consecutive years exceed 15% of the total fees received by the Statutory Auditor or Audit Firm, the Auditor or Audit Firm is excluded.

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