The Polish Sejm passed an amendment to the Certified Auditors Act on Friday, eliminating the “white list” of permissible audit services by 2026.
Amendment to the Certified Auditors Act Approved
The Sejm approved an amendment to the Act on Certified Auditors, Audit Firms, and Public Supervision, as well as the Accounting Act, with 256 votes in favor, 174 against, and one abstention. The bill now proceeds to the Senate.
Elimination of the White List
A key change introduced by the new law is the abolition of the “white list” of permitted additional services that audit firms could provide beyond EU regulations. This list previously restricted the scope of services offered to companies listed on the stock exchange and financial institutions.
Current Restrictions Under the White List
Currently, audit firms examining entities of public interest are limited to providing only services included on the white list. This prohibited services such as due diligence procedures (financial, legal, tax, operational), verification of indicators for commercial agreements, investment expenditure verification, and price adjustment verification during company acquisitions.
Future Restrictions: The Black List Approach
Following the implementation of the amendment, auditors will be restricted only by a “black list” of prohibited services concerning entities whose financial statements they audit. These prohibited services include tax services, involvement in management or decision-making processes, bookkeeping, and services related to the internal audit function of the audited entity.
Effective Date
The new regulations are scheduled to take effect 14 days after official publication. (PAP)