The new international standards on auditing introduced in our system through General Determination of 23 December 2014 have been formulated according to Article 11 paragraph 3 of Legislative Decree n. 39/2010 and replace those elaborated by the National Association according to article 162 of Legislative Decree 58/1998 (TUF), which are now abrogated.

The new standards on auditing are applicable to the audit activities on financial statements beginning from 1 January 2015 and are therefore immediately applicable to the checks on the accounts performed every quarter in 2015 financial statements.

The topic of financial auditing, impacted by recent European norms that will introduce further changes to current legislation (Directive 2014/56/EU will have to be implemented in domestic jurisdictions by member countries by 17 June 2016, while Regulation 537/2014 of 16 April 2014 will be applicable starting from 17 June 2016), represents a particularly interesting and debated theme at both international and domestic level, whose historic and legal evolution is deeply analyzed in the publication.