Dutch Authority for the Financial Markets sharpens interpretation of audit firm governance rules to require accountants to retain decisive influence

The Dutch Authority for the Financial Markets has published a revised supervisory interpretation of Articles 16 and 16b of the Wta, clarifying that accountants must hold a central position within an audit firm and exercise decisive influence over it. The clarification applies across audit firms, including those that admit external investors, and is intended to ensure accountants can act in the public interest and, where necessary, resist financial incentives created by outside investors. The update follows consultation with audit firms, external investors and legal advisers, which revealed differing readings of the two statutory provisions and was prompted in part by an increase in firms with private equity investors. The final interpretation keeps the core principles set out in the consultation draft, but tightens and adjusts some aspects and adds more examples. A separate feedback statement explains how consultation responses were handled. The authority expects all audit firms to structure themselves in line with these principles so that both the firm and the external auditors working for or affiliated with it are able to safeguard their public interest responsibilities.