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Internal Market

PR(10)25: Company law: Liechtenstein warned over failure on Statutory Audit Directive



The Authority today sent Liechtenstein a final warning to complete its process of adapting its national law to the rules agreed under the Directive on Statutory Audit.[1]

Liechtenstein should have made the necessary changes no later than 1 August 2009. If national law is still not in line with the Directive in two months time, the Authority may bring Liechtenstein before the EFTA Court.

The Directive sets out harmonized rules at the European level on the statutory audit of annual and consolidated accounts. It requires changes to the national rules governing the audit profession. Each of the 30 EEA States[2] must clarify the duties of statutory auditors and ensure external quality checks, public oversight and a number of ethical principles regarding auditors' independence and objectivity. In addition, co-operation between national regulators in the EEA is to be improved.


For further information, please contact:

Mr Eirik Ihlen
Internal Market Affairs
Tel. (+32)(0)2 286 18 78

Brussels, 28 April 2010


[2] States members of the European Economic Area

Other EEA Institutions

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