The main elements of the Hungarian law are the following:
- For PIEs that are
- credit institutions,
- insurance undertakings,
- investment service providers,
- fund managers of listed funds
mandatory audit firm rotation must take place every 8 years.
- For all other PIEs, audit firm rotation must take place after 10 years.
- Hungary does not allow for the extension of this period by tender or joint audit.
- Key audit partners must rotate after 7 years.
- No additional items have been added to the EU list of prohibited non-audit services.
- Hungary 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.