Audit firm approval conditions

What is the requirement, in plain English?

The national authority may approve an entity as an audit firm only where the statutory auditors working for it meet the Directive's own qualification tests, where approved audit firms or qualified natural persons hold most of the voting rights, and where no more than three quarters of the members of the management or administrative body are such firms or persons. A firm with two members must still satisfy the condition.

What evidence does a regulator or an auditor ask for?

The firm approval file: the register entry, the ownership and voting structure, the composition of the management body, and the qualification records of the auditors who sign.

Which dates matter?

• Transposition of Articles 1, 2 and 3: 19 March 2027

The transposition deadline for Articles 1 to 3 of the amending directive is 19 March 2027 (Article 5). For Article 4 it is 26 July 2028, applied from 26 July 2029.

What does it cross-reference?

• 2006/43/EC Articles 4, 6(1), 7(1), 8, 9, 10(1), 11, 12

How do I check a draft against this provision?

Paste your draft into the reading. The reading returns, per provision, whether a phrase specific to this requirement appears in your own words, quoted, with the article cited here. Where a line reaches nothing it reads no mapping identified.

Not legal advice; does not certify. Every field on this page carries its own source pointer, and the record is replayed by the pages, the check and the export from one reviewed record.