Introduction
• From the Sarbanes Oxley Act of 2002
to the European Union’s equivalent regulatory
vehicles
• Restoring investor confidence in the
EU
• The European Unions Financial Services
Action Plan (FSAP)
• From the Eighth Directive of 1984 (Directive
84/253/EEC)to the 8th Company Law Directive
on Statutory Audit (Directive 2006/43/EC)
• From the Consolidated Admissions and
Reporting Directive (CARD) to the Transparency
Directive (Directive 2004/109/EC)
• From the Insider Dealing Directive (Directive
1989/592/EEC) to the Market Abuse Directive
(Directive 2003/6/EC)
The 8th Company Law Directive
on Statutory Audit
• Approval, continuing education and
mutual recognition of statutory auditors and
audit firms
• Registration of statutory auditors and
audit firms
• Professional ethics, independence and
objectivity
• Auditing standards
• Audit reporting
• Auditors' liability
• Similarities and differences with the
US Sarbanes-Oxley Act
The 8th Company Law Directive
and Corporate Governance
• The impact of MiFID on corporate governance
• The role of the board of directors and
executive management
• Internal controls and external auditors
The 8th Company Law Directive:
Committees and Interpretations
• From the US Public Company Accounting
Oversight Board (PCAOB) to the European Group
of Auditors’ Oversight Bodies (EGAOB)
• The three new bodies established in
the EU
• The Audit Regulatory Committee (AuRC)
• The European Group of Auditors’
Oversight Bodies (EGAOB)
• The European Forum on Auditors’
Liability
The 8th Company Law Directive
and the World
• The 8th Company Law Directive and the
European Union (EU)
• Requirements applicable to the auditors
of companies incorporated outside of the European
Union (EU)
The Transparency Directive
• The harmonisation of transparency requirements
• Annual financial reports
• Half-Yearly financial reports
• Transparency and information for holders
of securities
The Market Abuse Directive
• Insider dealing
• Market manipulation
• Competent authorities with “investigatory
powers”
• How the directive is implemented under
the Lamfalussy process
Interaction between these
directives and other regulatory initiatives
• The three directive and the Financial
Services Action Plan
• How to comply with both the 8th Company
Law Directive and the Sarbanes Oxley Act
• The 8th Company Law Directive and the
Financial Conglomerates Directive
• The 8th Company Law Directive and the
Savings Tax Directive
• Compliance in the post-Parmalat EU and
the post-Enron USA |
