After several successive EU Directives, the process of audit reform harmonisation remains difficult to achieve because of the differences between European countries. This study contrasts how the latest EU audit reforms have impacted the UK and Italy.
EU Audit Directive
Evidence has been limited on the impacts of the 2014 EU Audit Directive (implemented in 2016) on European auditors. Using a comparative approach, this is one of the first studies providing clarity on the direct consequences of the Directive for auditors and other participants in the audit and assurance market.
Findings of the report
The overarching conclusion of this report is that, after several successive EU Directives, the process of harmonisation remains difficult to achieve because of the differences that characterise European countries. Countries such as the UK and Italy have significant institutional and cultural differences that affect how such implementation of EU Directives takes place, and this study finds contrasts in how the latest EU audit reforms have impacted these two very different European countries.
