Council of the European Union and European Parliament 17 May 2006, Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (Text with EEA relevance)

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Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 establishes a harmonised framework for statutory audits of annual and consolidated accounts within the European Community, setting minimum requirements for the approval, registration, independence, professional ethics, and continuing education of statutory auditors and audit firms. Key provisions mandate public oversight systems governed by non-practitioners, quality assurance reviews at least every six years (every three years for auditors of public-interest entities), and specific additional obligations for audits of public-interest entities including audit committee requirements and mandatory rotation of key audit partners within seven years. The Directive repeals Council Directive 84/253/EEC, amends Directives 78/660/EEC and 83/349/EEC to require disclosure of audit and non-audit fees, and requires Member States to transpose its provisions by 29 June 2008.AI