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Navigating the Complex, Impending EU Auditor Rotation Rules

Robert Herz | February 25, 2014

New European Union audit regulations could affect a number of U.S. companies, particularly those with subsidiaries with listed securities in the European Union or those that have European banking or insurance operations.

The impending EU rules include requirements for mandatory audit firm rotation, as well as restrictions on certain non-audit services and overall caps on the level of non-audit services external auditors can provide to their clients.

The subject of mandatory audit firm rotation has been discussed many times over the past 35 years, both in the United States and in other parts of the world, most recently in the wake of the financial crisis of 2008. In the United States he Public Company Accounting Oversight Board issued a concept release in 2011 seeking public comment on ways to enhance the independence, objectivity, and...

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