In March 2017, the final first edition of the European Model Companies Act (EMCA) was published. The title of Chapter 12 is Annual Accounting and Auditing, and the purpose of this article is to provide a critical, but at the same time constructive, review of that chapter. The article points to a number of appropriate additions to the existing EU legislation, made by Chapter 12 and highlights a few issues that are dealt with in the existing EU legislation that should also have been dealt with in Chapter 12. Furthermore, it points out a few issues on which Chapter 12 inappropriately follows the existing EU legislation. Finally, there are some inadequacies in both Chapter 12 and the existing EU legislation. Legislators, both at EU and national levels, should look for inspiration in EMCA, including Chapter 12, when further developing company law.
European Business Law Review