Definitionen af ”Virksomheder af offentlig interesse”

Maria Gammelgaard Hansen

Student thesis: Master thesis


EXECUTIVE SUMMARY In June 2014 the European Parliament endorsed Directive 2014/56 / EC and Regulation (EU) no. 537/2014 in relation to the reform of the audit market. The new EU legislation contains stricter rules for PIE companies, particularly to meet the call for greater independence between auditors and clients. In Denmark a discussion has emerged on whether the Danish definition of Public Interest Entities should be changed. Many believe that the Danish definition is too broad and thus includes companies that should not be subject to the strict requirements of the EU legislation. In order to investigate which issues the Danish companies face with the current Danish definition, compared to the minimum requirements of the EU definition, I have studied the historical development of the Danish and the European definition of PIE. In addition, I interviewed 5 people with great knowledge in PIE companies. These people work or have worked in the Danish Auditor Commission, FSR, NFR, and in various committees in connection with the preparation and implementation of legislation with particular focus on PIE companies. Their answers have been analyzed and compared together with an analysis of FEE's survey "Definition of Public Interest Entities (Pies) in Europe". Based on this thesis analysis it can be concluded that Denmark is the country in Northern Europe with the broadest definition of public interest entities. However, it can also be concluded that it is difficult to compare the number of PIE companies between the Scandinavian and Northern European countries as several of these do not meet the minimum requirements of the EU definition. All the interviewees agree in that the Danish definition should be adjusted because it in its present form includes companies that are not intended to be subject to the new EU regulation. The thesis analyze whether it is possible for an amendment of the Danish definition of Public Business Entities and what possibilities there are for changes in the definition, and also what consequences this has for accounting user, businesses and society. In November 2014 the Danish Business Authority requested a proposal on modification of the Danish Audit Act from the Danish Auditor Commission, in connection with the implementation of the new directive and regulation. I expect that the Danish Auditor Commission also deals with the same issues as identified in this thesis and I look forward to their response to the Danish Business Authority. I think the success of the implementation of the new EU regulation will be measured in the legislature changes in the national definition. It is important that Denmark has a definition of public interest entities which meet the increasing regulation from EU both today and in the future.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2015
Number of pages161