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EU audit reform part 4: avoiding the non-audit services blacklist

In part 4 of the EU audit reform series, Alex Barnes, partner at Moore Stephens LLP, highlights contractual issues firms must grapple with due to services prohibited by the controversial blacklist under the clampdown on non-audit services

The blacklist is probably the most controversial part of the EU Audit Directive. The objective of the EU Audit Regulation and Directive is to improve quality, competition and independence in external audit.

One of the perceptions is that statutory auditors are doing too much non-audit work, and that this could impact their independence and objectivity.

The EU Audit Regulation sets out a blacklist of services which statutory auditors in the EU cannot provide to a public interest entity (PIE). The rules come into force in the UK on 17 June 2016.

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