The European Commission published its proposals on changes to audit regulations in November 2011.
Following two years of debate, votes (by the key European Parliament (EP) committees) and negotiation in and between the EP, Commission and Council (the three main institutions involved in EU legislation) preliminary agreement on future EU audit legislation was reached in December 2013.
This includes mandatory firm rotation for auditors of public interest entities (PIEs) at least every 10 years (member states may extend this to 20 years where a public tender is conducted after the first maximum period, or to 24 years where joint audit reports are issued throughout the period) and a 70% cap on non-audit services provided to audit clients, plus a ban on a range of services including tax advice (but with a member state option to allow certain tax and valuation services, providing that they have no direct / only an immaterial effect on the audited financial statements).
A plenary vote in the EP is currently scheduled for 3rd April 2014, after which the reforms would require formal adoption by the Council. They would then apply two years and 20 days after publication.