[ParlTrack]

Proposal for a directive
Recital 3

(3) In order to allow audit firms to grow, Member States should allow them to have access to external capital. Therefore, Member States should no longer require that a minimum amount of capital or of voting rights in an audit firm is held by statutory auditors or audit firms, provided that a majority of the members of the administrative body are audit firms approved in any Member State or statutory auditors of good repute.deleted

2012/10/18
Committee: ITRE

Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 2 – point d

Directive 2006/43/EC
Article 2 – paragraph 13 – point g

~~(g) EU alternative investment funds as defined in Article 4(1)(k) of Directive 2011/61/EC of the European Parliament and of the Council(*****);~~deleted

2012/10/18
Committee: ITRE

Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 2 – point d

Directive 2006/43/EC
Article 2 – paragraph 13 – point h

~~(h) undertakings for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council(******);~~deleted

2012/10/18
Committee: ITRE

Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 3 – point b – point iii

Directive 2006/43/EC
Article 3 – paragraph 4 – subparagraph 2

Member States may not set additional conditions in relation to these points. Member States shall not be allowed to require that a minimum amount of capital or of voting rights in an audit firm is held by statutory auditors or audit firms.deleted

2012/10/18
Committee: ITRE

Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 16

Directive 2006/43/EC
Article 32 a (new) – paragraph 1

Member States may allow the competent authority referred to in Article 32 to delegate certain tasks to other authorities or bodies designated by law ~~only as regards the approval and registration of statutory auditors and audit firms~~. Any execution of tasks by other authorities or bodies shall be expressly delegated by the competent authority. The delegation shall specify the delegated tasks and the conditions under which they are to be carried out. The authorities or bodies shall be organized in such a manner that there are no conflicts of interest. The ultimate responsibility for supervising compliance with this Directive and the implementing measures adopted pursuant thereto shall lie with the delegating competent authority.

2012/10/18
Committee: ITRE

Olle SCHMIDT, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – paragraph 1 – point 2 – point d

Directive 2006/43/EC
Article 2 – point 13 – point g

~~(g) EU alternative investment funds as defined in Article 4(1)(k) of Directive 2011/61/EC of the European Parliament and of the Council(*****);~~deleted

2012/10/26
Committee: ECON

Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 17 a (new)

Directive 2006/43/EC
Article 37 – paragraph 1

17a. In Article 37, paragraph 1 is replaced by the following: '1. The statutory auditor or audit firm shall be appointed by the general meeting of shareholders or members of the audited entity for an initial engagement that shall not be shorter than three years.'

2012/10/18
Committee: ITRE

Olle SCHMIDT, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – paragraph 1 – point 2 – point d

Directive 2006/43/EC
Article 2 – point 13 – point h

~~(h) undertakings for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council(******);~~deleted

2012/10/26
Committee: ECON

Olle SCHMIDT, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – paragraph 1 – point 11 – point a

Directive 2006/43/EC
Article 22 – paragraph 1

1. Member States shall ensure that when carrying out a statutory audit, the statutory auditor and/or the audit firm ~~and any holder of voting rights in the audit firm is independent of the audited entity and is not involved in the decision-taking of the audited ent~~takes all necessary steps to ensure that the independence is not compromised by financial, personal, business, employment or other relationships involving the statutory auditor, the audit firm, its affiliate firms and network, and any natural person in a position to influence the outcome of the statutory audity.

2012/10/26
Committee: ECON

Alexandra THEIN, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 19 f (new)

Directive 2006/43/EC
Article 42 a

19f. The following Article 42a is inserted: ‘Article 42a Prohibition of the provision of non-audit services 1. In addition to the provisions of Articles 22 and 24, Member States shall ensure the application of the provisions set out in the following paragraphs. 2. A statutory auditor or an audit firm carrying out statutory audit of public- interest entities may provide to the audited entity, to its parent undertaking and to its controlled undertakings statutory audit services, audit-related and other assurance services subject to prior approval of the audit committee and as long as these do not pose a threat to independence that cannot be reduced to an acceptable level by the application of safeguards. Where the statutory auditor belongs to a network, a member of such network may provide to the audited entity, to its parent undertaking and to its controlled undertakings statutory audit services, audit-related and other assurance services subject to prior approval of the audit committee and as long as these do not pose a threat to independence that cannot be reduced to an acceptable level by the application of safeguards. 3. For the purposes of this Article, audit- related and other assurance services shall mean in particular: (a) the audit or review of interim financial statements; (b) providing assurance on corporate governance statements; (c) providing assurance on corporate social responsibility matters; (d) providing assurance on or attestation of regulatory reporting to regulators of financial institutions beyond the scope of the statutory audit and designed to assist regulators in fulfilling their role, such as on capital requirements or specific solvency ratios determining how likely an undertaking will be to continue meeting its debt obligations; (e) providing certification on compliance with tax requirements, preparation of tax declarations, advice on indirect taxes, payroll tax, transfer prices, customs duties and public support measures, support regarding tax inspections and tax authority enquiries; (f) the audit of technology systems, internal control or risk management procedure related to the preparation and/or control of financing information included in the financial statements, and advice on risk; (g) providing assurance on the implementation and further development of electronic data processing systems; (h) the audit of occupational pension schemes and pension obligations; (i) any other statutory duty related to audit work imposed by Union and/or national legislation to the statutory auditor or audit firm; (j) providing comfort letters for investors in the context of the issuance of an undertaking’s securities, and fairness opinions or contribution-in-kind reports. 4. A statutory auditor or an audit firm carrying out statutory audit of public- interest entities shall not directly or indirectly provide to the audited entity, to its parent undertaking and to its controlled undertakings non-audit services. Where the statutory auditor belongs to a network, no member of such network shall provide to the audited entity, to its parent undertaking and to its controlled undertakings within the Union any non- audit services. For the purposes of this Article, ‘non- audit services’ entailing conflict of interest in all cases shall mean: (i) consultancy services unrelated to the statutory audit; tax consultancy and legal services that go beyond the identification of structural options and have a more than indirect or insignificant impact on how the asset, financial and income situation is represented in the annual financial statement; legal services, including those for the settlement of disputes; general management and other advisory services; (ii) book keeping and preparing accounting records and financial statements; (iii) designing or implementing technology systems, internal control or risk management procedure related to the preparation and/or control of financing information included in the financial statements and advice on risk; (iv) valuation services; (v) actuarial services; (vi) designing or implementing financial information technology systems; (vii) participating in the audit client’s internal audit and the provision of services related to the internal audit function; (viii) broker or dealer, investment advice, or investment banking services. (ix) human resources services, including recruiting senior management; (x) legal and tax services that go beyond the presentation of alternatives; tax services for natural persons; 5. Where a member of the network to which the statutory auditor or audit firm of a public-interest entity belongs provides non-audit services to a third-country- based enterprise controlled by the audited entity, the statutory auditor/ audit firm shall assess whether his, her or its independence is affected thereby. If his, her or its independence is affected, the statutory auditor or the audit firm shall apply safeguards in order to mitigate the threats caused by such provision of services in a third country. The statutory auditor or the audit firm may continue to carry out the statutory audit of the public- interest entity only if he, she or it can prove that such provision of services does not affect his, her or its professional judgement and the audit report. Being involved in the decision-taking of the audited entity and the provision of non-audit services shall be considered as affecting such independence in all cases. The statutory auditor or the audit firm may consult the competent authority for an opinion on this issue. 6. Competent authorities may give notice of further services and/or activities which it considers impart a conflict of interest and shall notify ESMA, EIOPA, EBA and, where appropriate, the ESRB.’

2012/11/14
Committee: JURI

Alexandra THEIN, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 20

Directive 2006/43/EC
Article 43 a – paragraph 2

~~When undertaking quality assurance reviews, the competent authorities shall take account of the proportionate application of the auditing standards.~~(Does not affect the English version.)

2012/11/14
Committee: JURI

Alexandra THEIN, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 21 – point a

Directive 2006/43/EC
Article 45 – paragraph 1 – introductory wording

1. The competent authorities of a Member State shall, in accordance with Article 15, 16 and 17, register every third-country auditor and audit entity that provides an audit report concerning the annual or consolidated accounts of an undertaking incorporated outside the Union whose transferable securities are admitted to trading on a regulated market of that Member State within the meaning of point 14 of Article 4(1) of Directive 2004/39/EC, except when the undertaking is an issuer exclusively of outstanding debt securities for which one of the following applies:(Does not affect the English version.)

2012/11/14
Committee: JURI

Alexandra THEIN, Jürgen CREUTZMANN

Proposal for a directive
Article 1 – point 23 – point c

Directive 2006/43/EC
Article 47 – paragraph 5

‘5. The Commission shall be empowered to adopt delegated acts in accordance with Article 48a for the purpose of defining the exceptional cases referred to in paragraph 4 of this Article in order to facilitate cooperation between competent authorities.’(Does not affect the English version.)

2012/11/14
Committee: JURI

13 Amendments of Jürgen CREUTZMANN related to 2011/0389(COD)

ParlTrack - 2011-2024