Regulatory Alerts2018-04-13
AOBA and FMA Circular on Specific Issues Regarding Statutory Auditor Appointment at Public-Interest Entities
The Audit Oversight Body of Austria (AOBA) and the Austrian Financial Market Authority (FMA) jointly issued this 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, distinguishing between long-term, medium-term, and short-term engagements for credit institutions, insurance undertakings, and other PIEs. It further details requirements for public tenders, joint audits, internal and gradual rotation, selection procedures, and the prohibition of non-audit services.
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