Woolf: the end of audit sinecures as EU Audit Regulation approaches

Tough audit rotation rules under the EU Audit Regulation and Directive (ARD) will change the landscape of audit and should increase probity, says Emile Woolf FCA, as new rules come into force this June

During the 2008 financial crisis, several banks and other lending and deposit-taking institutions collapsed without a hint of warning from their auditors. Since that time, pressure to improve the quality of annual audits has been building up, and by the time you read this, the new EU Audit Regulation & Directive (ARD) will apply in UK law.

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