With the EU legislation due to be enacted in relation to the audit regime, you might be forgiven for thinking that things will be clearer. In fact, two consultation documents from BIS and FRC published just before Christmas highlight a number of anomalies in the rules to come in in June 2016.  BIS and the FRC have tried to move things forward, but have found this difficult in the face of some oddly drafted and inconsistent legislation.  It is apparent that more clarity of interpretation is going to be required from Europe and that certainty is still some months off.

For those who do not have time to read the original 150+ pages, we have drafted a short overview of the consultation documents, this summarises the main implications for companies and others.