16 June 2015

FEE´s overview of national public oversight in 22 European countries

The new FEE publication gives a unique insight into the public oversight of the audit profession at national level. The publication is based on recent changes in EU audit legislation that also impact how public oversight of statutory auditors and audit firms is organised in EU member states.

The new EU audit legislation includes provisions which impact the organisation of public oversight of statutory auditors and audit firms in EU member states. These provisions are included in the two following pieces of legislation:

• The Directive 2014/56/EU amending Directive 2006/43/ EC on statutory audits (2006 SAD) and containing a series of amended and new requirements governing every statutory audit in the European Union (hereafter referred to as “the Directive”);

• The Regulation (EU) No 537/2014 containing additional requirements that relate specifically to statutory audits of Public Interest Entities (PIEs) in addition to the ones stated in the Directive (hereafter referred to as “the Regulation”).

 

In order to inform the implementation of the EU audit legislation in relation to public oversight at the national level, FEE has conducted a survey with its member bodies to determine:

(1) The current state of affairs regarding the organisation of public oversight of statutory auditors and audit firms in European countries; and

(2) How the changes included in the new and amended EU provisions have impacted, or are expected to impact, the organisation of public oversight in European countries.

Full survey

 

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