Directive 2006/43/EC is hereby amended as follows:

1. In Article 1 the following paragraph is added:

'Article 29 of this Directive shall not apply to the statutory audit of annual and consolidated financial statements of public-interest entities unless specified in Regulation (EU) No 537/2014 of the European Parliament and the Council [Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities (OJ L 158, 27.5.2014, p. 77).].'

2. Article 2 is amended as follows:

(a) point 1 is replaced by the following:

'1. "statutory audit" means an audit of annual financial statements or consolidated financial statements in so far as:

(a) required by Union law;

(b) required by national law as regards small undertakings;

(c) voluntarily carried out at the request of small undertakings which meets national legal requirements that are equivalent to those for an audit under point (b), where national legislation defines such audits as statutory audits;'

(b) point 4 is replaced by the following: