1. Green paper of the European Commission
October 13, 2010 : Green Paper
First step in the process to elaborate a law at European level : Discussion document open to public comments.
May 2011 : Report to the parliament
September 13, 2011 : European Parliament Resolution
November 2011 : Draft legislation

2. What were the objectives?
Open a discussion on :
Role of the auditor
Governance and independence of audit firms
Supervision of auditors
Configuration of the audit market
Creation of a European passport
Simplifications for SMEs / SMPs

3. Parliament resolution in favor of
Independence of auditors reviewed by a public supervisory body independent of the profession
Impact assessment to be conducted on
External rotation
Voluntary joint audits

4. Parliament resolution in favor of
Clear demarcation between audit services and NAS provided to an audit client
List of conditions
Internal and external audit services shall not be provided simultaneously
Ban of certain services
Pre approval by audit committee
Impact assessment of a cap on NAS