15.6.2013

EN

Official Journal of the European Union

L 163/26

(1)

Commission Decision 2011/30/EU (2) allowed the auditors and audit entities from the third countries and territories listed in the Annex to that Decision to continue their activities in the Union in relation to audit reports concerning the annual or consolidated accounts for financial years starting during the period from 2 July 2010 to 31 July 2012.

(2)

The Commission has carried out assessments of the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the third countries and territories listed in the Annex to Decision 2011/30/EU. The assessments were carried out with the assistance of the European Group of Auditors‘�Oversight Bodies. The public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of those third countries and territories were assessed in the light of the criteria set out in Articles 29, 30 and 32 of Directive 2006/43/EC which govern the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the Member States. The ultimate objective of cooperation between Member States and third country systems of public oversight, quality assurance, investigation and penalty for auditors and audit entities should be to reach mutual reliance on each other‘檚 oversight systems based on their equivalence.

(3)

Following such assessments, it appears that Abu Dhabi, Brazil, Dubai International Financial Centre, Guernsey, Indonesia, Isle of Man, Jersey, Malaysia, Taiwan and Thailand have public oversight, quality assurance, investigation and penalty systems for auditors and audit entities that operate under similar rules to those set out in Articles 29, 30 and 32 of Directive 2006/43/EC. Therefore, it is appropriate to consider the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of those third countries as equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the Member States.

(4)

Bermuda, Cayman Islands, Egypt, Mauritius, New Zealand, Russia and Turkey have established or are in the process of establishing public oversight, quality assurance, investigation and penalty systems for auditors and audit entities. However, information about the functioning and the rules governing such systems is not sufficient to carry out an equivalence assessment. In order to carry out a further assessment for the purpose of taking a final equivalence decision in respect of such systems, there is a need to obtain additional information from those third countries and territories in order to better understand their system. Therefore, it is appropriate to extend the transitional period granted by Decision 2011/30/EU in respect of the auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in those third countries and territories.

(5)

The auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in Hong Kong, India and Israel benefited from the transitional period granted by Decision 2011/30/EU. Since then, those third countries or territories have not established an independent system of public oversight, quality assurance, investigations and penalties. They have not provided information regarding their audit regulatory and oversight systems. Under these circumstances, it appears that those third countries or territories have not taken the necessary measures to have their audit regulation recognised by the Commission as equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the Member States. Therefore, the transitional period granted to them by Decision 2011/30/EU should not be extended in respect of the auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in those third countries.

(6)

In order to protect investors, auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in the third countries listed in Annex II to this Decision should be able to continue their audit activities during the transitional period in the Union without being registered under Article 45 of Directive 2006/43/EC only if they provide the required information. Provided they give the information, those auditors and audit entities should be able to continue their activities in relation to audit reports concerning annual or consolidated accounts for financial years starting during the period from 1 August 2012 to 31 July 2015. This Decision should not affect the right of the Member States to apply their investigation and penalty systems in respect of such auditors and audit entities.

(7)

Decision 2011/30/EU should therefore be amended accordingly.

(8)

The measures provided for in this Decision are in accordance with the opinion of the Committee established by Article 48(1) of Directive 2006/43/EC,

(1)

in Article 1, the following second paragraph is added:

‘楩or the purpose of Article 46(1) of Directive 2006/43/EC, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the following third countries and territories shall be considered equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the Member States in relation to audit activities concerning annual or consolidated accounts for financial years starting from 1 August 2012:

(2)

Article 2 is amended as follows:

(3)

Article 4 is replaced by the following:

‘楢rticle 4

Point 10 of the first paragraph of Article 1 shall cease to apply on 31 July 2013.‘�

(4)

the Annex is replaced by Annex I to this Decision;

(5)

Annex II is added as set out in Annex II to this Decision.