The Dutch Authority for the Financial Markets published an overview of the Accountancy Sector Amendment Act, expected to enter into force on 1 July 2026, which clarifies audit-firm accountability for statutory audit quality and introduces new governance and transparency requirements for parts of the audit market. Under the amendments, not only the signing external auditor but also the audit firm can be held responsible for the quality of a statutory audit through its quality management system. For the largest audit firms with a regular licence, an internal supervisory body (such as a supervisory board) and suitability testing for policymakers will become mandatory from 1 July 2027, applying to firms that for three consecutive financial years perform at least 150 statutory audits and generate at least EUR 3 million per year in related revenue. The law also introduces audit quality indicators for audit firms with a public-interest entity licence, requiring them to measure and report specified metrics to the Netherlands Institute of Chartered Accountants (NBA), which will publish the reported information. The amendments also create a legal basis for the NBA to designate an audit firm with a public-interest entity licence as an auditor of a public-interest entity where an entity cannot contract an auditor despite reasonable efforts, but this power is not yet in force and would be activated by the cabinet if a demonstrable need arises. The AFM encouraged audit-firm policymakers to assess the impact of the changes and identify any actions required.
Dutch Authority for the Financial Markets 2026-04-17
Dutch Authority for the Financial Markets sets out July 2026 audit-law changes on firm accountability, governance requirements and AQI reporting
The Dutch Authority for the Financial Markets published an overview of the Accountancy Sector Amendment Act, which clarifies audit-firm accountability for statutory audit quality and introduces new governance, transparency and audit quality indicator requirements. The law makes audit firms, in addition to signing external auditors, responsible for statutory audit quality via their quality management systems, mandates internal supervisory bodies and suitability testing for policymakers at the largest firms, and requires firms with a public-interest entity licence to report audit quality indicators to the Netherlands Institute of Chartered Accountants. It also creates a legal basis, not yet in force, for the Institute to designate an audit firm with a public-interest entity licence as auditor of a public-interest entity where the entity cannot contract an auditor.