Following the release of the European Parliaments Committee on
Legal Affairs (Juri) draft audit regulation report, committee
members have called for an extension of the deadline for submitting
amendments to the draft.

The initial deadline was set for 9 October, however MEPs on the
committee have unanimously called for an extension, which has now
been set for 7 November.

The report put forward by the committee’s rapporteur Sajjad
Karim excludes some of the most radical reforms proposed be the
European Commission such as pure audit firms, joint audits and
short interval mandatory rotation.

It also introduces a cap of 25 years for an audit engagement,
forcing firms to change auditors in order to address the issue of
lengthy engagements.

The MEPs said the draft needs to be clearer about the
implementation of the 25 year provision, and concerns were raised
as to whether the committee has taken a firm enough approach
towards reform.

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