Regulations for third country auditors

The EU Statutory Audit Directive (“Directive 2006/43/EC”) sets minimum regulatory requirements for statutory audits across the European Union/European Economic Area (“EU/EEA”). The interrelation of capital markets underlines the need to ensure that auditors from third countries carry out high quality audit work in relation to capital markets within the EU/EEA. Directive 2006/43/EC therefore requires that the relevant statutory audit entities and auditors from third countries should be entered on a public register, and subject to a level of regulation equivalent to the minimum required for EU/EEA auditors. In addition the European Commission has made transitional measures to facilitate the introduction of these new requirements (Decision 2008/627/EC of 29 July 2008).

The registration requirements under Article 45 of the Directive 2006/43/EC have been implemented in Germany in § 134 of the Wirtschaftsprüferordnung. The transitional measures of the European Commission are directly applicable and therefore have priority over § 134 of the Wirtschaftsprüferordnung.
 

Registration of third country auditors

Third country auditors providing audit services in relation to the German capital market, have to apply for registration with the Auditor Oversight Commission. They will be entered into a public register maintained by the Wirtschaftsprüferkammer.

There are two different kinds of registration which must be distinguished:

• Registration in accordance with the transitional decision 2008/627/EC of the European Commission
   
• Full registration in accordance with § 134 of the Wirtschaftsprüferordnung

Further information on both procedures including relevant application forms and FAQs are provided here.
 

Further information

European Commission – Relations with third countries
Wirtschaftsprüferkammer – Register of third country auditors
 

Registration of third country auditors in other members states of the EU/EWR

Professional Oversight Board, UK
Autoriteit Financiele Markten, Netherlands
Financial Supervisory Authority of Norway, Norway
Supervisory Board of Public Accountants, Sweden