EUROPEAN UNION (STATUTORY AUDITS) (DIRECTIVE 2006/43/EC, AS AMENDED BY DIRECTIVE 2014/56/EU, AND REGULATION (EU) NO 537/2014) REGULATIONS 2016

This regulation implements European Union rules regarding the statutory audit of annual accounts. It aims to ensure high-quality auditing standards and increase the transparency and reliability of financial reporting across the EU to protect investors and the stability of financial markets. This affects professional auditors and companies required to undergo statutory audits in Ireland. It establishes requirements for auditor independence, quality assurance, and the rotation of audit firms.