Directive 2006/43 / EC (Auditing Directive)

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Directive 2006/43 / EC
Title:	Directive 2006/43 / EC of the European Parliament and of the Council of May 17, 2006 on the auditing of annual accounts and consolidated accounts, amending Council Directives 78/660 / EEC and 83/349 / EEC and repealing Directive 84/253 / EEC Council
Designation: (not official)	Audit Policy
Scope:	EEA
Legal matter:	Corporate law , corporate law
Basis:	EC Treaty , specifically Article 44
Procedure overview:	European Commission European Parliament IPEX Wiki
Date of issue:	May 17, 2006
Release date:	June 9, 2006
Come into effect:	June 29, 2006
Replaces:	Directive 84/253 / EEC
To be implemented in national law by:	June 29, 2008
Implemented by:	Germany Law to strengthen professional supervision and to reform professional regulations in the auditor code Law to modernize accounting law Austria Company Law Amendment Act 2008
Reference:	OJ L 157, June 9, 2006, pp. 87-107
Full text	Consolidated version (not official) basic version
The regulation must have been implemented in national law.
Please note the information on the current version of legal acts of the European Union !

The Directive 2006/43 / EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (colloquially 8th EU Directive , audit policy or casually also EuroSOX called) is a directive on statutory audit of annual accounts in the EU and amends directives 78/660 / EEC and 83/349 / EEC. Its purpose is to ensure that investors and other interested parties can fully rely on the correctness of the audited company accounts, and to arm the EU against corporate scandals that brought Parmalat and Ahold into the headlines. The guideline specifies the auditor's duties and defines certain professional principles to ensure their impartiality and independence, for example if audit firms also offer their clients non-audit services. The guideline aims to introduce the obligation to external quality control, to ensure a solid public oversight of the audit industry and to improve the cooperation between the competent authorities in the EU. By creating a new regulatory committee on “final audit” made up of representatives from the Member States, the European bodies could react quickly to new developments, so that detailed measures to implement the directive could be quickly taken or modified. The proposal also provides for the application of international accounting standards to all statutory audits carried out in the EU and lays the foundation for balanced and effective international cooperation with the supervisory authorities of third countries such as the US Public Company Accounting Oversight Board (PCAOB).

Objectives of Directive 2006/43 / EC:

• Protect auditors from unauthorized pressure from managers
• Clear distribution of tasks for audits by various audit firms
• Better quality and more transparency of the final examination
• Strengthening of the regulatory auditor rules and better enforcement

National implementations

The directive had to be implemented in national law by the member states of the European Union by June 29, 2008.

Austria

In Austria, Directive 2006/43 / EC was implemented with the Company Law Amendment Act 2008 - URÄG 2008 ( Federal Law Gazette I No. 70/2008 ) and has been in force since June 1, 2008. The URÄG 2008 changes the following laws:

• Corporate Code
• Stock Corporation Act 1965
• GmbH law
• SE law
• Cooperative Act
• Cooperative Auditing Act
• Demerger Act
• Aviation Act
• Banking Act
• Insurance Supervision Act

Germany

In Germany, the guideline was implemented on September 3, 2007 with the law to strengthen professional supervision and to reform professional regulations in the Wirtschaftsprüferordnung (Professional Oversight Reform Act - BARefG). The EU directive is also said to have been implemented through the law for the modernization of accounting law ( Accounting Law Modernization Act / BilMoG ), which has been in force since May 29, 2009.

Amendment to Directive 2006/43 / EC

Directive 2006/43 / EC was changed with Directive 2008/30 / EC of the European Parliament and of the Council of 11 March 2008.

Another EU directive on statutory audits

• Directive 78/660 / EEC of the European Council of July 25, 1978 - external audit of the annual financial statements
• Directive 83/349 / EEC of the European Council of 13 June 1983 - consolidated accounts
• Directive 84/253 / EEC of the European Council of April 10, 1984 (repealed)

See also

• Law on control and transparency in the corporate sector (KonTraG)
• Sarbanes Oxley Act (SOX)
• COBIT (Control Objectives for Information and Related Technology)
• COSO (COSO model)
• IAS (International Accounting Standards)
• Internal control system (ICS)
• International Federation of Accountants (IFAC) - Principles of the Code of Ethics

Individual evidence

1. ↑ ^{a b} Professional Oversight Reform Act (BARefG), Federal Law Gazette 2007 I p. 2178
2. ↑ Accounting Law Modernization Act, Federal Law Gazette 2009 I p. 1102
3. ↑ Federal Law Gazette I No. 70/2008
4. ↑ Press release of the European Commission of March 15, 2004: Audit of company accounts: Commission proposal for a directive to combat fraud and abuse . Retrieved September 4, 2009.
5. ↑ European Commission. National transposition measures archive link ( memento from November 19, 2009 in the Internet Archive ). Retrieved September 4, 2009.
6. ^ Faculty of Law, University of Augsburg Archive link ( Memento from August 14, 2010 in the Internet Archive ). Retrieved September 4, 2009.