Poland’s Council of Ministers approved amendments to accounting and auditing legislation, replacing a “white list” with a “black list” approach.
Audit Firms: Black List of Services
The first amendment project provides for the repeal of Article 136 of the Auditors Act, which since September 1, 2019, had introduced the so-called “white list” – a catalog of permitted services for audit firms conducting financial statement audits of public interest entities such as listed companies, banks, and insurance firms.
In its place, audit firms will be subject to a black list of prohibited services, which directly follows from Regulation (EU) No 537/2014 of the European Parliament and of the Council of April 16, 2014, on specific requirements for statutory audits of public interest entities.
The amendment will enter into force 14 days after its announcement in the Journal of Laws.
Sustainable Development Reporting
Thanks to the second project adopted by the government, some companies that must prepare sustainability reports will be exempt from this obligation for 2025 and 2026. The change comes from a package simplifying EU regulations, aimed at reducing administrative burdens for entrepreneurs.
According to a statement published after the Council of Ministers meeting, only the largest companies will have to report, namely those that employ over 1,000 workers and achieve very high revenues – over 450 million euros annually.
Companies that prepared an ESG report for 2024, which according to new EU regulations will no longer be subject to this obligation, will not have to prepare such reports for 2025 and 2026. The new provisions of the law are to enter into force on the day following the announcement in the Journal of Laws.