Our Financial Reporting and Corporate Governance Expert Group have contributed to our response to BIS' consultation on the technical legislative implementation of the EU Audit Directive and Regulation.
We welcomed the approach taken by BIS and the fact that the Government has not taken up the option to define additional PIEs for the purpose of the application of the Regulation and the provisions of the Directive applying to audits of PIEs. We welcomed that BIS has addressed the concerns that we had expressed in response to the BIS and FRC consultations earlier this year (March 2015), and explicitly mentions that companies traded on AIM will not be PIEs.
