Auditing Firms

Auditing Firms

Special Register of Audit Firms was hold by Consob until July 2012 (consult the historical Register), pursuant to article 161 of the Italian Legislative Decree no. 58 of 24 February 1998 and was abolished by article 43, subsection 1, paragraph i), of the Italian Legislative Decree no. 39 of 27 January 2010.

From July 2012 is setup the Register of Statutory Auditors by the Italian Ministry of Economy an Finance in which will transit also audit firms previously registered in the Special Register of Audit Firms hold by Consob. 

Third Country Auditors and Audit Entities

Section of the Special Register held by Consob on the Third Country Auditors and Audit Entities. 

According to article 43, subsection 9, of the Italian Legislative Decree no. 39 of 27 January 2010, until the setting up by the Italian Ministry of Economy and finance of the Regulation referred to in article 34, subsection 1 of the same Legislative Decree, Consob shall register - on a transitional basis - third country auditors and audit entities in a specific section of the Special Register of Audit Firms envisaged in article 161 of the Italian Legislative Decree no. 58 of 24 February 1998, in accordance with the terms and conditions established by Consob's resolution no. 17439 of 27 July 2010, subsequently amended by Consob's resolution no. 18081 of 25 January 2012.

The Section is divided into:

  • Section A, in which third country auditors and audit entities are registered in compliance with the European Commission Decision of 29 July 2008;
  • Section B, in which third country auditors and audit entities are registered in compliance with article 45, paragraph 1, of Directive 2006/43/EC.
  • Consult Section A
  • Consult Section B

Following the consultation with the market, the Commission approved the regulation implementing articles 35, paragraph 3 and 36, paragraph 4 of Decree no. 39/2010, regarding the supervision of third-country auditors and auditing entities and exemptions in the event of equivalence (Resolution no. 22538 of 6 December 2022).

The regulatory intervention is aimed at issuing the regulatory provisions implementing Articles nos. 35, paragraph 3 and 36, paragraph 4 of the Legislative Decree of 27 January, no. 39, following the issuing of the Regulation of the Ministry of Economy and Finance (MEF) of 1 September 2022, no. 174 (published in the Official Journal of 11 November, and in force since 26 November 2022), with which the rules for the registration of these auditors in a special section of the Register of statutory auditors were established.

In this regard - due to the termination of the current transitional regime - it should be noted that the MEF Regulation provides that foreign auditors already registered by Consob in the appropriate Section of the Special Register of auditing firms, present to the MEF, within 90 days of entry into force, a new application for entry in Part A or Part B of the section of the Register of auditors, depending on the case.

Furthermore, the provisions of the MEF relating to equivalent Third-Country euditors who benefit from exemptions and the deadline for submitting the application for registration in Part B of the Section of the Register of statutory auditors, shall apply from the entry into force of the regulatory provisions pertaining to the Consob.