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27/01/2014 PROFILE > Commissaire aux comptes

Company being listed: recommendation of the CNCC on the legal control of accounts

For listed companies, auditors, commissioned for the purpose of legal auditing of accounts, cannot certify accounts for more than six consecutive financial years. A period of two years should run before the same professional can once more certify accounts. 
This period of rotation has been identified as good professional practice by the High Council of Auditors (H3C) in 2010. It recommends that "when a signature has certified the accounts of a person or entity for five consecutive years or more as at the date of listing (...), the latter may only, at most, sign for two additional years, namely the year in progress as at the date [of listing] and the following year".
However, a new European directive on auditing will be published and the H3C has decided to suspend application of this recommendation. It has indicated, by way of a press release, that it observed its "implementation to be likely to prevent acceptance of company shares and listing on a regulated market".