The main elements of the Swedish law are the following:
- Mandatory audit firm rotation must take place every 10 years. The audit mandate can be extended for another 10 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.
- Key audit partners must rotate after 7 years.
- No additional items have been added to the EU list of prohibited non-audit services.
- Sweden 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 maintained at 70 %, as established in the EU legislation.