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EC Questions 9 Member States' Auditing And Accounting Compliance,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, July 02, 2009
The European Commission has decided to refer Austria, Ireland, Italy and Spain
to the European Court of Justice over non-implementation into national law of
the Statutory Audit Directive. The Commission has also decided to send formal
requests to Belgium, Ireland, Greece, Luxembourg, Poland and Portugal as they
have failed to fully implement into their national laws the latest Directive in
the field of accounting within the prescribed deadline.
These formal requests take the form of ‘reasoned opinions’ - the
second stage of the infringement procedure laid down in Article 226 of the EC
Treaty. If there is no satisfactory reply within two months from the concerned
parties, the Commission may refer the matter to the European Court of Justice.
Statutory Audit Directive – Austria, Ireland, Italy and Spain
The Commission has also decided to refer four Member States to the European
Court of Justice, namely Austria, Ireland, Italy and Spain, over their failure
to notify the Commission all their national measures transposing the Directive
2006/43/EC on statutory audits of annual accounts and consolidated accounts.
The Directive overhauls regulation of the audit profession to increase the
quality of audits in Europe following corporate scandals in the past. In particular,
it introduces a requirement for each Member State to establish systems of external
quality assurance and public oversight of the audit profession and provides
for measures to improve co-operation between regulatory authorities in the EU.
The Directive also sets out a number of ethical principles to ensure the independence
and objectivity of statutory auditors and clarifies their duties.
The transposition deadline for the Directive was June 29, 2008.
Accounting: Belgium, Ireland, Greece, Luxembourg, Poland and Portugal
The Commission has also decided to address reasoned opinions to Belgium, Ireland,
Greece, Luxembourg, Poland and Portugal as they have failed to fully implement
into their national laws the latest Directive in the field of accounting within
the prescribed deadline.
The Directive (2006/46/EEC) increases the maximum thresholds that may be applied
by Member States in determining which companies may be exempted from certain
disclosure requirements. It also extends the disclosure requirements for companies
on material transactions with related parties, such as key management members
and spouses of board members, and on arrangements that do not appear in the
balance sheet, such as transactions or agreements that companies may have with
entities. Furthermore, an annual corporate governance statement as a specific
and clearly identifiable section of the annual report also has to be disclosed.
Once implemented, non-listed European companies will also have to provide more
information to the investors and other citizens about risks they are facing.
At the same time, the Directive takes into account the interest of small and
medium-sized companies by allowing their exemption from certain reporting requirements,
thus eventually reducing their administrative burdens.
The transposition deadline for the Directive was September 5, 2008.
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