The main elements of the French audit law are the following:
- Mandatory audit firm rotation must take place every 10 years.
- The audit mandate can be extended for another 6 years after an open and competitive tender has been carried out.
- In the case of joint audit, the rotation period can be extended to 24 years without the need to tender.
- Key audit partners must rotate after 6 years.
- No additional items have been added to the EU list of prohibited non-audit services.
- Services that are not on the list of prohibited services may be provided after approval by the Audit Committee.
- The fee cap for non-audit services is maintained at 70 %, as established in the EU legislation.
For a more detailed overview of the French implementation measures, please consult our information sheet.