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Auditors, be aware!

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There are new rules on the establishment of audit committees and limits on the services auditing firms can provide.

The new act on statutory auditors came into force in June 2017 and implements the law of the European Union, namely Statutory Audit Directive 20014/56/UE. The act contains very important regulations for the entire corporate system of companies which are public interest entities, including listed companies. In addition, the new regulations will cover such entities as payment institutions, brokerage houses and banks (yet, not the companies listed on the alternative stock exchange, New-Connect). The act also limits the capacity of auditing firms to provide continuous services...

Read the full article by Ewa Szlachetka, Krzysztof Feluch and Natalia Burchardt. It has been published in the American Investor, issued by AmCham.