Position on the Rotation of Statutory Auditors

The UKNF advocates for unifying legal regulations to mandate the rotation of the entire audit firm, rather than just the key statutory auditor, for all public interest entities, extending a requirement currently applicable to insurance undertakings. This measure aims to significantly reduce audit error risks stemming from routine approaches and enhance the quality of audited financial statements. For insurance undertakings, the maximum 5-year audit firm rotation period began January 1, 2004, necessitating changes for 33 firms in 2009.

Poland

Polish Financial Supervision Authority

Topics

governance