External rotation of audit firms for public interest entities
Press release 16/01
In the framework of the future application of Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities, the CSSF wishes to specify that where the statutory audit has been carried out by the same cabinet de révision agréé (authorised audit firm) since:
- before 16 June 1994, these public-interest entities shall change their cabinet de révision agréé by 16 June 2020 at the latest.
- between 17 June 1994 and 16 June 2003, these public-interest entities shall change their cabinet de révision agréé by 16 June 2023 at the latest.
- between 16 June 2003 and 17 June 2006, these public-interest entities shall
- change their cabinet de révision agréé by 16 June 2016;
- make a call for tender in order to maintain, where necessary, the same cabinet de révision agréé for a period of 10 years at the most, subject to the adoption of the draft law concerning the audit profession before 17 June 2016.
As a general rule, the audit mandate may not, in future, exceed 10 years for public-interest entities. It may be extended once by 10 years through a call for tender.
The possibility to extend the mandate is subject to ratification via the legislative process.