{"id":8499,"date":"2016-07-22T17:12:38","date_gmt":"2016-07-22T17:12:38","guid":{"rendered":"https:\/\/dev.say-u.com\/?p=8499"},"modified":"2023-05-10T14:20:36","modified_gmt":"2023-05-10T13:20:36","slug":"european-commission-considers-transitional-arrangements-for-statutory-auditors","status":"publish","type":"post","link":"https:\/\/say-u.pt\/en\/comissao-europeia-atenta-a-regime-transitorio-para-os-revisores-oficiais-de-contas\/","title":{"rendered":"European Commission attentive to transitional regime for statutory auditors"},"content":{"rendered":"

The European Commissioner is evaluating the implementation in Portugal of the transitional EU Audit Regulation and the inconsistency with the new Statute of the Order of Statutory Auditors. OROC has asked the Ministry of Finance to clarify this situation, along with a complaint to the European Commission.<\/strong><\/p>\n

 <\/p>\n

\"Transitional_OROC<\/a>Lisbon, July 22nd, 2016<\/strong> - In response to MEP Nuno Melo, who questioned the European Commission on the transitional regime of mandatory rotation for auditors who carry out audits of Public Interest Entities (PIEs), Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, confirmed, in statements made on June 6, that the European Commission is paying attention to what is happening in Portugal and assessing whether the regulations implemented in each Member State are in line with the new EU Audit rules.<\/p>\n

The question sought to clarify what measures the European Commission will take in view of the fact that, in Portugal, the transitional provisions laid down in Law no. 140\/2015, of September 7 - which approves the new Statute of the Order of Statutory Auditors (EOROC) - established (in its article 3, no. 5) a transitional regime with a period different from that imposed in the aforementioned article 41 of Regulation (EU) 537\/2014.<\/p>\n

According to Jos\u00e9 Azevedo Rodrigues, President of OROC, \u201cthe existence of periods for the application of the transitional regime, defined in national regulations which are substantially different from the periods defined in the European Regulation, leaves public interest entities based in Portugal at a clear disadvantage compared to those in other Member States. The Commission's position is clear, specifying, in a new set of questions and answers on the application by Member States of the indicated Regulation (EU) No 537\/2014, that the transitional regime established was introduced to avoid disruption in the audit market and that it should be applied directly in national legislation, in all Member States, for financial years beginning on or after June 17, 2016.<\/em>\".<\/p>\n

In view of this situation, OROC has asked the Ministry of Finance to promote the amendment of Article 3(5) of Law 140\/2015 of September 7, bringing its wording into line with the transitional provisions laid down in EU legislation, and in the meantime to instruct the Supervisory Authority to comply with the provisions of the aforementioned regulation on this matter, and has also lodged a complaint with the European Commission regarding this process.<\/p>\n

Regulation (EU) 537\/2014 of the European Parliament and of the Council, of April 16, 2014, establishes in Article 17 mandatory rotation periods for auditors who carry out audits of Public Interest Entities (PIE), providing in Article 41 an explicit transitional regime of mandatory application for all Member States as follows:<\/p>\n