(5)The auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in Hong Kong, India and Israel benefited from the transitional period granted by Decision 2011/30/EU. Since then, those third countries or territories have not established an independent system of public oversight, quality assurance, investigations and penalties. They have not provided information regarding their audit regulatory and oversight systems. Under these circumstances, it appears that those third countries or territories have not taken the necessary measures to have their audit regulation recognised by the Commission as equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the Member States. Therefore, the transitional period granted to them by Decision 2011/30/EU should not be extended in respect of the auditors and audit entities that provide audit reports concerning the annual or consolidated accounts of companies incorporated in those third countries.