EU Statutory Audit Directive (Directive 2006/43/EC)
The EU directive that governs who may perform statutory audits and sustainability assurance in the Union and how: approval, registration, ethics, independence, firm organisation, auditing and assurance standards, group audits, the audit and assurance reports, quality assurance, and the duties of audited entities and their audit committees on appointing, dismissing and overseeing the auditor.
EU Statutory Audit Directive (Directive 2006/43/EC) is a compliance framework from European Union (and EEA) with 7 domains and 43 controls. The largest domains are Chapter IV: Professional ethics, independence, objectivity, confidentiality and professional secrecy – EU Statutory Audit Directive (Directive 2006/43/EC) (19 controls), Chapter II: Approval, continuing education and mutual recognition – EU Statutory Audit Directive (Directive 2006/43/EC) (8 controls), Chapter V: Auditing standards, assurance standards and audit reporting – EU Statutory Audit Directive (Directive 2006/43/EC) (6 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (7)
Chapter II: Approval, continuing education and mutual recognition – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A10 | Practical training of at least three years, with eight months on sustainability assurance |
| eu-statutory-audit-directive-directive-2006-43-ec::A13 | Continuing education |
| eu-statutory-audit-directive-directive-2006-43-ec::A14 | Approval of statutory auditors from another Member State |
| eu-statutory-audit-directive-directive-2006-43-ec::A3 | Statutory audits only by approved statutory auditors and audit firms; conditions for approving a firm |
| eu-statutory-audit-directive-directive-2006-43-ec::A3a | Recognition of audit firms approved in another Member State |
| eu-statutory-audit-directive-directive-2006-43-ec::A4-5 | Good repute and withdrawal of approval |
| eu-statutory-audit-directive-directive-2006-43-ec::A6 | Educational qualifications for approval and the additional approval for sustainability assurance |
| eu-statutory-audit-directive-directive-2006-43-ec::A7-8 | Examination of professional competence and the subjects of the theoretical test |
Chapter III: Registration – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A16 | Registration information for statutory auditors |
| eu-statutory-audit-directive-directive-2006-43-ec::A17 | Registration information for audit firms |
| eu-statutory-audit-directive-directive-2006-43-ec::A18-19 | Updating registration information without undue delay and signing it |
Chapter IV: Professional ethics, independence, objectivity, confidentiality and professional secrecy – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A21 | Professional ethics and professional scepticism |
| eu-statutory-audit-directive-directive-2006-43-ec::A22-1 | Independence from the audited entity and the threat test |
| eu-statutory-audit-directive-directive-2006-43-ec::A22-25 | Prohibited financial interests, documentation of threats, participation bans and gifts |
| eu-statutory-audit-directive-directive-2006-43-ec::A22-6 | Independence where the audited entity merges with or acquires another entity |
| eu-statutory-audit-directive-directive-2006-43-ec::A22a | Cooling-off before former auditors join the audited entity |
| eu-statutory-audit-directive-directive-2006-43-ec::A22b | Assessment before accepting or continuing an engagement |
| eu-statutory-audit-directive-directive-2006-43-ec::A23 | Confidentiality, professional secrecy and the handover to an incoming auditor |
| eu-statutory-audit-directive-directive-2006-43-ec::A24 | Owners and managers of audit firms may not jeopardise the auditor's independence |
| eu-statutory-audit-directive-directive-2006-43-ec::A24a-a | Internal organisation: non-interference policies, administrative and accounting procedures, competence, outsourcing and independence arrangements |
| eu-statutory-audit-directive-directive-2006-43-ec::A24a-b | Internal organisation: engagement policies, internal quality control system, continuity, incidents, remuneration and annual monitoring |
| eu-statutory-audit-directive-directive-2006-43-ec::A24b-1 | Designation of key audit partners and key sustainability partners, their involvement and sufficient time and resources |
| eu-statutory-audit-directive-directive-2006-43-ec::A24b-3 | Records of breaches, their consequences and the annual internal breach report; documentation of expert advice |
| eu-statutory-audit-directive-directive-2006-43-ec::A24b-4 | Client account record |
| eu-statutory-audit-directive-directive-2006-43-ec::A24b-5 | Audit file and assurance file closed within sixty days of the report |
| eu-statutory-audit-directive-directive-2006-43-ec::A24b-6 | Records of written complaints about statutory audits and sustainability assurance engagements |
| eu-statutory-audit-directive-directive-2006-43-ec::A25 | Audit and assurance fees not influenced by other services and never contingent |
| eu-statutory-audit-directive-directive-2006-43-ec::A25b | Ethics, independence, confidentiality and organisation rules applied to sustainability assurance |
| eu-statutory-audit-directive-directive-2006-43-ec::A25c | Prohibited non-audit services where the auditor assures the sustainability reporting of a public-interest entity |
| eu-statutory-audit-directive-directive-2006-43-ec::A25d | Irregularities identified during sustainability assurance of a public-interest entity |
Chapter V: Auditing standards, assurance standards and audit reporting – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A26 | Statutory audits under the adopted international auditing standards |
| eu-statutory-audit-directive-directive-2006-43-ec::A26a | Assurance of sustainability reporting under the adopted limited assurance standards |
| eu-statutory-audit-directive-directive-2006-43-ec::A27 | Statutory audits of consolidated financial statements: group auditor responsibilities |
| eu-statutory-audit-directive-directive-2006-43-ec::A27a | Assurance of consolidated sustainability reporting: group auditor responsibilities |
| eu-statutory-audit-directive-directive-2006-43-ec::A28 | Content and signature of the audit report |
| eu-statutory-audit-directive-directive-2006-43-ec::A28a | Content and signature of the assurance report on sustainability reporting |
Chapter XI: International aspects – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A45 | Registration, oversight and transparency of third-country auditors and audit entities |
Chapters IX and X: Appointment and dismissal, audit committee – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A37 | Appointment of the statutory auditor by the general meeting and the shareholders' right to request a separate sustainability report |
| eu-statutory-audit-directive-directive-2006-43-ec::A38 | Dismissal and resignation of the statutory auditor only on proper grounds, with notification |
| eu-statutory-audit-directive-directive-2006-43-ec::A39-15 | Audit committee of public-interest entities: composition and independence |
| eu-statutory-audit-directive-directive-2006-43-ec::A39-6 | Functions of the audit committee |
Chapters VI to VIII: Quality assurance, investigations and sanctions, public oversight – EU Statutory Audit Directive (Directive 2006/43/EC)
| Code | Title |
|---|---|
| eu-statutory-audit-directive-directive-2006-43-ec::A29 | Submission to quality assurance review and follow-up of its recommendations |
| eu-statutory-audit-directive-directive-2006-43-ec::A30e-3 | Internal channel for audit firm employees to report breaches |
What is EU Statutory Audit Directive (Directive 2006/43/EC) and who does it apply to?
EU Statutory Audit Directive (Directive 2006/43/EC) is a compliance framework from European Union (and EEA) with 7 domains and 43 controls. The EU directive that governs who may perform statutory audits and sustainability assurance in the Union and how: approval, registration, ethics, independence, firm organisation, auditing and assurance standards, group audits, the audit and assurance reports, quality assurance, and the duties of audited entities and their audit committees on appointing, dismissing and overseeing the auditor. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does EU Statutory Audit Directive (Directive 2006/43/EC) actually require?
EU Statutory Audit Directive (Directive 2006/43/EC) has 43 controls organised across 7 domains. The largest domains are Chapter IV: Professional ethics, independence, objectivity, confidentiality and professional secrecy – EU Statutory Audit Directive (Directive 2006/43/EC) (19 controls), Chapter II: Approval, continuing education and mutual recognition – EU Statutory Audit Directive (Directive 2006/43/EC) (8 controls), Chapter V: Auditing standards, assurance standards and audit reporting – EU Statutory Audit Directive (Directive 2006/43/EC) (6 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of EU Statutory Audit Directive (Directive 2006/43/EC) do I already cover?
EU Statutory Audit Directive (Directive 2006/43/EC) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement EU Statutory Audit Directive (Directive 2006/43/EC)?
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