France

As a member of the European Union (EU), France is subject to the accounting, auditing, and financial reporting requirements established in EU Regulations and Directives as transposed into national laws and regulations.

The Code de commerce establishes the accounting framework for all business entities and requires companies to maintain accounting records and prepare annual financial statements. French accounting standards are developed and adopted by the Autorité des normes comptables (ANC), established by Ordinance No. 2009-79 of 22 January 2009 and Decree No. 2010-56 of 15 January 2010, which is the legal body responsible for accounting standard-setting.

In accordance with Regulation (EC) No 1606/2002, listed entities are required to apply European Union-endorsed International Financial Reporting Standards (IFRS) Accounting Standards in the preparation of consolidated financial statements. Other entities are permitted to apply EU-endorsed IFRS Accounting Standards for consolidated financial statements. However, individual financial statements must be prepared in accordance with French accounting standards. The IFRS for Small and Medium-sized Entities have not been adopted in France, as French generally accepted accounting principles are considered fit for purpose.

Statutory audit requirements in France are established through the EU audit framework, including Directive 2006/43/EC as amended and Regulation (EU) No 537/2014, as transposed into national legislation through the Code de commerce. The Haute autorité de l’audit (H2A), which succeeded the former Haut conseil du commissariat aux comptes in 2024, is the independent public oversight authority responsible for the regulation and oversight of statutory auditors. Auditing standards are prepared through the professional standard-setting process involving the Compagnie nationale des commissaires aux comptes and are subsequently adopted by H2A before final endorsement by the Ministry of Justice. The standards are based on the International Standards on Auditing (ISA).

A statutory audit is required for public interest entities and for other companies that exceed two of the following three thresholds: total assets of EUR 5 million, net turnover of EUR 10 million, and an average workforce of 50 employees. In addition, entities within a group structure may be subject to statutory audit requirements where lower group-related thresholds are exceeded. French legislation also permits the appointment of a statutory auditor for a three-year term in certain circumstances below the mandatory thresholds, including at the request of qualifying shareholders.

The profession of expert-comptable is regulated by Ordinance No. 45-2138 of 19 September 1945 and Decree No. 2012-432 of 30 March 2012. Chartered accountants provide accountancy and related professional services outside the statutory audit function reserved to commissaires aux comptes. The profession is under the supervision of the Ministry of Economy and Finance. Professional standards applicable to chartered accountants are developed by the Conseil national de l’Ordre des experts-comptables and approved by the Ministry of Economy and Finance.

In France, the accountancy profession is regulated at both the statutory and professional levels. The two principal regulated segments of the profession are experts-comptables (chartered accountants) and commissaires aux comptes (statutory auditors), each governed by separate legal and institutional frameworks.

The profession of chartered accountant is regulated by Ordinance No. 45-2138 of 19 September 1945 and Decree No. 2012-432 of 30 March 2012. Under this framework, the Conseil national de l’Ordre des experts-comptables (CNOEC) was established as the national professional body under the supervision of the Ministry of Economy and Finance. Individuals and legal entities are required to be registered members of CNOEC in order to provide accountancy services other than statutory audit.

In accordance with the law, CNOEC is responsible for maintaining the registry of chartered accountants and accounting firms; establishing continuing professional development and professional conduct requirements; operating a quality control system for its members; preparing professional standards applicable to chartered accountants; issuing standards for contractual audits, reviews of historical financial information, and other assurance and related services engagements; contributing to initial professional development requirements; and representing, promoting, and developing the profession in France and internationally.

Entry into the profession is established through the national higher education and professional qualification framework. Candidates are required to complete the Diplôme de comptabilité et de gestion and the Diplôme supérieur de comptabilité et de gestion, followed by a minimum of three years of practical experience in an accounting or audit firm and successful completion of the Diplôme d’expertise comptable (DEC). The DEC provides access to the profession of chartered accountant and may also provide access to the statutory audit profession where the practical training requirement in audit has been fulfilled. An alternative route to the audit profession exists through the Certificat d’aptitude aux fonctions de commissaire aux comptes.

The Ministry of Higher Education, together with the Ministries of Justice and Economy and Finance, plays a role in establishing initial professional development requirements. Universities and approved institutions deliver the academic programs, while CNOEC contributes to the development of curricula and professional competencies. Once registered, members are required to complete 120 hours of continuing professional development over a rolling three-year period.

Investigative and disciplinary arrangements for chartered accountants are established by Ordinance No. 45-2138 of 1945, supplemented by Decree No. 2012-432 of 2012 and the Order of 19 January 2022 approving the internal rules of procedure of the Ordre des experts-comptables. The Regional Disciplinary Chambers, which are legally independent from CNOEC and integrated into the French judicial system, are responsible for the investigation and discipline of members. Appeals may be made to the National Disciplinary Chamber and subsequently to the Conseil d’État.

The statutory audit profession is separately regulated under the Code de commerce and overseen by the Haute autorité de l’audit and the Compagnie nationale des commissaires aux comptes. Individuals wishing to practice as statutory auditors must meet the prescribed education, practical experience, and registration requirements applicable to that segment of the profession.

Under the Code de commerce, the Haute autorité de l’audit (H2A), under the supervision of the Ministry of Justice, is the independent authority responsible for the oversight of the statutory audit profession. Effective 1 January 2024, H2A succeeded the former Haut conseil du commissariat aux comptes and assumed its responsibilities with an expanded mandate that also covers sustainability assurance engagements. H2A is a member of the International Forum of Independent Audit Regulators.

H2A is responsible for the approval and registration of statutory auditors and audit firms; the adoption of standards relating to professional ethics, internal quality control, and professional practice; the establishment and oversight of the quality assurance review system; the operation of investigative and disciplinary arrangements; and the supervision of continuing professional development requirements applicable to statutory auditors. H2A directly conducts quality assurance inspections of statutory auditors of public interest entities and supervises inspections relating to other statutory auditors.

As part of its mandate, H2A has delegated certain operational activities to the Compagnie nationale des commissaires aux comptes (CNCC), pursuant to conventions approved by the Ministry of Justice. These delegated activities include maintaining the register of statutory auditors and audit firms, except for third-country auditors and updates arising from disciplinary decisions; conducting quality assurance inspections of statutory auditors that do not audit public interest entities under H2A supervision; and monitoring compliance with continuing professional development obligations.

Accordingly, the audit oversight framework in France combines independent public oversight by H2A with delegated operational responsibilities carried out by CNCC for non-public interest entity auditors, in line with the European Union audit oversight framework.

The Conseil National de l’Ordre des Experts-Comptables (CNOEC)

The Conseil national de l’Ordre des experts-comptables (CNOEC) is the statutory professional body for experts-comptables in France. Established by Ordinance No. 45-2138 of 19 September 1945 and operating under the supervision of the Ministry of Economy and Finance, CNOEC is responsible for regulating the profession of chartered accountants. Individuals and legal entities are required to be members in order to provide accountancy services other than statutory audit.

In accordance with its legal mandate, CNOEC maintains the register of chartered accountants and accounting firms; establishes continuing professional development and professional conduct requirements; operates a quality control system; develops professional standards applicable to its members, including standards for contractual audits and other assurance and related services engagements; contributes to professional education requirements and curricula development; and represents, promotes, and develops the profession both in France and internationally.

CNOEC is a member of the International Federation of Accountants, Accountancy Europe, the Fédération internationale des experts-comptables et commissaires aux comptes francophones (FIDEF), and the Fédération des experts-comptables méditerranéens (FCM). It also participates in the Professional Accountancy Education Europe initiative.

Compagnie nationale des commissaires aux comptes (CNCC)

The Compagnie nationale des commissaires aux comptes (CNCC) is the statutory professional body for commissaires aux comptes in France. Established by Decree of 12 August 1969 and codified in the Code de commerce, CNCC operates under the supervision of the Ministry of Justice. Membership is mandatory for all individuals and legal entities authorized to practice statutory audit in France.

CNCC, together with its regional companies, supports the regulation and development of the statutory audit profession. Its responsibilities include maintaining the register of statutory auditors and audit firms, except where reserved to the public oversight authority; contributing to the development of professional standards for statutory audit; administering and monitoring continuing professional development requirements; providing input into initial professional development requirements and curricula; issuing opinions on draft laws and decrees when requested by the Ministry of Justice; and submitting proposals to public authorities on matters relating to the profession and audit assignments.

CNCC is also a member of the International Federation of Accountants, Accountancy Europe, FIDEF, and FCM, and participates in European professional education initiatives.

A draft law is under discussion which may lead to raising the threshold for statutory audit for all commercial companies in France.

In France, in compliance with the Audit Directive and Regulation (EU) No 537/2014, a mandatory quality assurance review system is required for all statutory audits. The Haute autorité de l’audit (H2A), which succeeded the former Haut conseil du commissariat aux comptes in 2024, has the ultimate responsibility for the quality assurance of all statutory audit firms. Public interest entity auditors are subject to direct oversight by H2A, while inspections of other statutory auditors are delegated to the Compagnie nationale des commissaires aux comptes under H2A supervision. The Autorité des marchés financiers assists with inspections relating to entities under its supervision. The Conseil national de l’Ordre des experts-comptables has also established quality control mechanisms for the firms and engagements of its members providing non-statutory professional services.

Available evidence indicates that the quality assurance review system is established and operational for all statutory audits and incorporates key elements of SMO 1. However, H2A reports that International Standard on Quality Management 1 is being implemented by some firms on an optional basis and that it has not been adopted by the European Union nor transposed into French law. Formal adoption of International Standard on Quality Management 2 as an enforceable national requirement could also not be confirmed. Accordingly, while the quality assurance system is operational, the jurisdiction is assessed as Partially Adopted pending confirmation of formal adoption of the latest international quality management standards.

Current Status: Partially Adopted

In France, universities and the Ministries of Higher Education, Justice, and Economy and Finance share responsibility for establishing and implementing initial professional development requirements for professional accountants. These requirements are established in the Code de commerce for commissaires aux comptes and in Decree No. 2012-432 of 30 March 2012 for experts-comptables.

To be eligible to practice as a chartered accountant, individuals are required to complete university education to master’s degree level, undertake at least three years of practical experience in an accounting or audit firm as a trainee accountant, and successfully complete the final assessment leading to the Diplôme d’expertise comptable (DEC). The DEC also provides access to the statutory audit profession where candidates have obtained sufficient practical audit experience during the training period.

An alternative pathway to the statutory audit profession exists through the Certificat d’aptitude aux fonctions de commissaire aux comptes (CAFCAC), which permits candidates holding a master’s degree to complete a preparatory certificate followed by a three-year statutory internship.

Candidates must subsequently be registered with the Ordre des experts-comptables and the Compagnie nationale des commissaires aux comptes, where applicable, in order to practice.

Continuing professional development requirements are established and monitored by the respective professional bodies. Members are required to complete 120 hours of continuing professional development over a three-year period.

Based on the legal and professional framework in place, the requirements for entry, practical experience, assessment, and continuing professional development are aligned with the International Education Standards for professional accountants.

Current Status: Adopted

In accordance with Ordinance No. 45-2138 of 19 September 1945, the Conseil national de l’Ordre des experts-comptables (CNOEC) is responsible for developing professional standards applicable to its members, subject to approval by the Ministry of Economy and Finance, and for organizing the monitoring of their application.

The professional standard-setting framework draws on international standards issued by the International Auditing and Assurance Standards Board.

The Ordre des experts-comptables standard framework includes standards for audits and reviews of historical financial information, as well as other assurance and related services engagements. These auditing standards relate to contractual audits carried out by experts-comptables in accordance with Article 2 of Ordinance No. 45-2138 of 1945, which authorizes chartered accountants to certify the regularity and fairness of balance sheets and income statements.

The standards applicable to contractual audits are based on the translated International Standards on Auditing. The latest complete French translation available is the 2023–2024 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, published in March 2025.

As the latest handbook currently in effect internationally is the 2025 Handbook, and the most recent French version demonstrably adopted in the jurisdiction is the 2023–2024 Handbook, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

In accordance with Ordinance No. 45-2138 of 19 September 1945, the Conseil national de l’Ordre des experts-comptables (CNOEC) is responsible for drafting ethical requirements applicable to its members, subject to approval by the Ministry of Economy and Finance.

The ethical requirements for experts-comptables are set out in the Code de déontologie des professionnels de l’expertise comptable, approved and published through Decree No. 2012-432 of 30 March 2012. The code is legally binding and applies to all members of CNOEC.

The French ethical framework draws on the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants. The latest French translation available is the 2022 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards).

As the latest handbook currently in effect internationally is the 2025 Handbook, and the most recent version demonstrably available in French is the 2022 Handbook, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

The Conseil de normalisation des comptes publics (CNOCP), an advisory body under the authority of the Ministry of Public Accounts, is responsible for establishing public sector accounting and reporting standards in France.

France applies accrual-basis national public sector accounting standards for central government, local governments, and social security bodies. In developing these standards, CNOCP uses International Public Sector Accounting Standards (IPSAS) as one of its technical reference frameworks.

Following its 2014 analysis, CNOCP concluded that IPSAS would not be directly adopted in the jurisdiction. Instead, France maintains national accrual-basis standards that draw on IPSAS principles and concepts where relevant.

The latest French translation available through the IFAC translations database is the 2023 Handbook of International Public Sector Accounting Pronouncements. As France applies accrual-basis national standards with reference to IPSAS, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

The investigative and disciplinary system for experts-comptables in France is established by Ordinance No. 45-2138 of 19 September 1945 and is fully integrated into the French judicial system.

At the first instance, disciplinary matters are handled by the Regional Disciplinary Chambers, which are composed of two elected accountants from the Conseil régional de l’Ordre des experts-comptables and a magistrate from the judiciary. The Government Commissioner, or a representative, attends the hearings and makes observations on each case in its role as supervisory authority for the profession.

Appeals against decisions of the Regional Disciplinary Chambers are made to the National Disciplinary Chamber, which is composed of two elected accountants from the Conseil national de l’Ordre des experts-comptables (CNOEC) and a magistrate from the judiciary. The Government Commissioner, or a representative, also participates in these proceedings.

Further appeals against decisions of the National Disciplinary Chamber may be made to the Conseil d’État.

The legal framework provides for a comprehensive range of sanctions, from reprimand to striking off, as set out in Article 53 of Ordinance No. 45-2138 of 19 September 1945. Additional sanctions relating to anti-money laundering and countering the financing of terrorism obligations may be imposed under Article 53 bis on firm directors, partners, employees, agents, and individuals acting on behalf of legal entities or in their individual professional capacity.

Decisions of the Regional and National Disciplinary Chambers are published in anonymized form on the CNOEC website.

Based on the legal framework, independence of the disciplinary bodies, range of sanctions, appeal mechanisms, and publication of decisions, the investigative and disciplinary system is assessed as Adopted and aligned with the requirements of SMO 6.

Current Status: Adopted

French accounting standards are developed and adopted by the Autorité des normes comptables (ANC), established by Ordinance No. 2009-79 of 22 January 2009 and Decree No. 2010-56 of 15 January 2010.

In accordance with Regulation (EC) No 1606/2002 of the European Union, listed entities in France are required to apply European Union-endorsed International Financial Reporting Standards (IFRS) Accounting Standards in the preparation of consolidated financial statements. This requirement applies to all domestic publicly accountable entities whose securities are traded on a regulated market.

In addition, other companies are permitted to apply European Union-endorsed IFRS Accounting Standards for consolidated financial statements. However, entities are not permitted to apply IFRS Accounting Standards in the preparation of individual financial statements, which must be prepared in accordance with French accounting standards.

The Autorité des normes comptables has concluded that there is no demand for the IFRS for Small and Medium-sized Entities in France, as French generally accepted accounting principles are considered fit for purpose.

Accordingly, IFRS Accounting Standards are assessed as Adopted for domestic publicly accountable entities in consolidated general purpose financial statements.

Current Status: Adopted

Relevant Organizations

• Autorité des normes comptables (ANC)
• Autorité des marchés financiers (AMF)
• Compagnie nationale des commissaires aux comptes (CNCC)
• Conseil de normalisation des comptes publics (CNOCP)
• Conseil national de l’Ordre des experts-comptables (CNOEC)
• Haute autorité de l’audit (H2A) (successor to H3C effective 2024)

Relevant Legislation

• Accounting Directive 2013/34/EU
• Code de commerce (France Commercial Code)
• Decree No. 2012-432 of 30 March 2012 relating to the exercise of the profession of expert-comptable
• Directive 2014/56/EU
• Law No. 2008-776 of 4 August 2008 on the modernization of the economy
• Ordinance No. 45-2138 of 19 September 1945 regulating the profession of expert-comptable
• Ordinance No. 2016-315 of 17 March 2016 relating to statutory audit
• Regulation (EC) No 1606/2002

Relevant Publications

• Accountancy Europe, Definition of Public Interest Entities in Europe, November 2019.
• Accountancy Europe, Overview of the Profession in France
• AMF, Audit Oversight Arrangements
• CNCC, “The French Statutory Audit – Statutory Auditors Serving The Public Interest,” 2014.
• CNCC, SMO Action Plan, October 2022.
• CNOEC, SMO Action Plan, January 2019.
• International Forum of Independent Audit Regulators (IFIAR), IFIAR 2026 Member Profile – H3C.
• IFRS Foundation, IFRS Jurisdiction Profile: France, July 2016.