Press Release: Statutory Audit: Commission decision cuts red tape for audit firms from third countries

The European Commission adopted a decision granting a transitional period for the registration requirements for audit firms from 30 non-EU countries. The decision clarified how the competent authorities in Member States should deal with third country audit firms under the Statutory Audit Directive. In the context of its work on monitoring the implementation of the Statutory Audit Directive, the Commission published a scoreboard on where the 27 Member States stand with their implementation of the Statutory Audit Directive, which had to be transposed into national law on June 29, 2008.