The First Chamber of the Dutch Parliament adopted a bill on the accountancy profession on 11 December 2012. Most provisions of the bill entered into effect on 1 January 2013. The bill as adopted will bring significant changes to the accountancy profession in the Netherlands. These include:
- Compulsory rotation of accountancy firms.
Accountancy firms may provide statutory audit services to public interest organisations for no more than eight consecutive years. After this, they will have to observe a two-year cooling off period before resuming statutory audit services. These new compulsory rotation rules will not come into force until 1 January 2016.
- A requirement for audit firms to separate audit and advisory services. This means that accountancy firms may no longer provide both audit and advisory services to public interest organisations.
- A requirement for public interest organisations to give prior notification to the AFM of their intention to appoint an accountancy firm to perform audits.