Regulatory Alerts2018-04-13
Added · Updated
AOBA and FMA Circular on Specific Issues Regarding Statutory Auditor Appointment at Public-Interest Entities
The Austrian Audit Oversight Body (AOBA) and the Austrian Financial Market Authority (FMA) issued this joint circular to provide guidance on the application of Regulation (EU) No 537/2014 concerning the appointment of statutory auditors at public-interest entities. The document clarifies transitional rules for external rotation, specifying mandatory auditor replacement deadlines for long-term, medium-term, and short-term engagements, while also detailing requirements for public tenders, joint audits, and internal rotation. Furthermore, it outlines procedures for auditor selection, quality standards, and the prohibition of non-audit services during the audit period to ensure compliance with EU audit regulations.
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