The main elements of Portugal’s audit law are the following:
- Mandatory audit firm rotation must take place every 8 or 9 years.
- Portugal does not allow 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.
- Portugal has not made use of its option to allow certain tax and valuation services at the same time that audit services are being provided.
- The fee cap for non-audit services is placed at 30 %, stricter than the EU baseline proposal.
For a more detailed overview of Portugal’s implementation measures, please consult our information sheet.