Mandatory firm rotation: Tendering, joint audit, and transition On June 16, 2014, after publication in the Official Journal, European Union (EU) audit legislation entered into force. For all provisions including those pertaining to nonaudit services (NAS), the effective date is June 17, 2016 (first financial year starting on or after June 17, 2016), except for mandatory firm rotation (MFR , Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to , About the Deloitte Center for Financial Services The Deloitte Center for Financial Services, which supports the organization’s US Financial Services practice, provides insight and research to assist senior-level decision-makers within banks, capital markets firms, investment managers, insurance carriers, and real estate organizations., Audit & Assurance is a highly complex process, and the importance of auditors as a vital link in the financial reporting chain has never been more important nor their role as trusted advisors more valued. The Middle East network of Audit & Assurance professionals at Deloitte member firms provide a range of Audit & Assurance and advisory services to assist clients in achieving their business , Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organization”) serves four out of five Fortune Global 500®companies., The Potential Impact of Blockchain on the Financial Statement Audit and the Assurance Profession Financial Statement Auditing The public looks to CPA auditors to enhance trust in the audited information of the compa-nies they audit and help a multi-trillion dollar capital markets system function with greater confidence..