The future Law of Due Diligence

November 4th, 2015News0 comments

That provides us 2016 in the area of the Due Diligence… provided that the polemic is served, in this occasion Evolutiza Lawyers and Tax Advisers it you details all the aspects novedisis that are included.

If for something stands out the new Law of Due Diligence, which approval is waited for June, 2016, it is for the limitations that he gathers in his text, tending to a major independence of the auditors. Since experts we proceed to offer you a brief summary of the measures and limitations that are foreseen to pass:

-       The extension of the concept of Entity of Public Interest (EIP), in order that in him there are included besides the quoted, insurance companies and credit institutions the companies that form a part of the Alternative Stock exchange Market (MAB), whose auditors will be more demanding.

-       There is established a limitation of 10 years in order to contribute a major juridical safety. One tries to establish a consistent and uniform application of the procedure that regulate the independence of the audits. Once spent the term of 10 years, another auditor will be the one that realizes the functions. Nevertheless, there exists the possibility of returning to the post as long as pass 3 years of term. This turns out to be regulated in the article 40.

-       A limitation of the fees is established for the auditors who take charge of entities of public, consistent interest in:

• The emission of a report of audit which content is more wide than that is realized in a general audit.
• Duty to publish the annual report of transparency and those of the network auditora.

-       In the services different from the audits the remuneration cannot overcome during three or more exercises, 70 % of the average of the fees for services of audit during last three years.

-       The fees of the entity cannot overcome in the last three exercises 15 % of the total of income perceived by the company auditora.

-       A list of incompatibilities is established by the exercise of the post, between that those of accounting stand out, audit hospitalizes, law. Limitations that spread to relatives as the spous.

From Evolutiza Lawyers and Tax Advisers we encourage him to solve all the questions that on this next Law him could arise, do not hesitate to contact us.