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Regulation 537/2014/EU - Audit RegulationRecitalsTitle I Subject matter, scope and definitions (arts. 1-3)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsTitle II Conditions for carrying out statutory audit of public interest entities (arts. 4-15)Article 4 Audit feesArticle 5 Prohibition of the provision of non-audit servicesArticle 6 Preparation for the statutory audit and assessment of threats to independenceArticle 7 IrregularitiesArticle 8 Engagement quality control reviewArticle 9 International auditing standardsArticle 10 Audit reportArticle 11 Additional report to the audit committeeArticle 12 Report to supervisors of public-interest entitiesArticle 13 Transparency reportArticle 13a Accessibility of information on the European single access pointArticle 14 Information for competent authoritiesArticle 15 Record keepingTitle III The appointment of statutory auditors or audit firms by public-interest entities (arts. 16-19)Article 16 Appointment of statutory auditors or audit firmsArticle 17 Duration of the audit engagementArticle 18 Hand-over fileArticle 19 Dismissal and resignation of the statutory auditors or the audit firmsTitle IV Surveillance of the activities of statutory auditors and audit firms carrying out statutory audit of public-interest entities (arts. 20-44)Chapter I Competent authorities (arts. 20-25)Article 20 Designation of competent authoritiesArticle 21 Conditions of independenceArticle 22 Professional secrecy in relation to competent authoritiesArticle 23 Powers of competent authoritiesArticle 24 Delegation of tasksArticle 25 Cooperation with other competent authorities at national levelChapter II Quality assurance, market monitoring, and transparency of competent authorities (arts. 26-28)Article 26 Quality assuranceArticle 27 Monitoring market quality and competitionArticle 28 Transparency of competent authoritiesChapter III Cooperation between competent authorities and relations with the european supervisory authorities (arts. 29-35)Article 29 Obligation to cooperateArticle 30 Establishment of the CEAOBArticle 31 Cooperation with regard to quality assurance reviews, investigations and on-site inspectionsArticle 32 Colleges of competent authoritiesArticle 33 Delegation of tasksArticle 34 Confidentiality and professional secrecy in relation to cooperation among competent authoritiesArticle 35 Protection of personal dataChapter IV Cooperation with third-country authorities and with international organisations and bodies (arts. 36-44)Article 36 Agreement on exchange of informationArticle 37 Disclosure of information received from third countriesArticle 38 Disclosure of information transferred to third countriesArticle 39 Exercise of the delegationArticle 40 Review and reportsArticle 41 Transitional provisionsArticle 42 National provisionsArticle 43 Repeal of Commission Decision 2005/909/ECArticle 44 Entry into forceDone at
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AI Summary of Article 27 Monitoring market quality and competition

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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 17 June 2016 - onwards
Version 3 of 3

Article 27 Monitoring market quality and competition

1. The competent authorities designated under Article 20(1) and the European Competition Network (ECN), as appropriate, shall regularly monitor the developments in the market for providing statutory audit services to public-interest entities and shall in particular assess the following:

(a) the risks arising from high incidence of quality deficiencies of a statutory auditor or an audit firm, including systematic deficiencies within an audit firm network, which may lead to the demise of any audit firm, the disruption in the provision of statutory audit services whether in a specific sector or across sectors, the further accumulation of risk of audit deficiencies and the impact on the overall stability of the financial sector;

(b) the market concentration levels, including in specific sectors;

(c) the performance of audit committees;

(d) the need to adopt measures to mitigate the risks referred to in point (a).

2. By 17 June 2016, and at least every three years thereafter, each competent authority and the ECN, shall draw up a report on developments in the market for providing statutory audit services to public-interest entities and submit it to the CEAOB, ESMA, EBA, EIOPA and the Commission.

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