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11 January 2007

Commission consultation on regulation of non-EU audit firms

The Commission launched a public consultation on its future strategy and priorities on statutory audit in relation to non-EU countries. The Commission wants to know the business community's views on how third-country audit firms could be supervised and on how the EU could cooperate with third countries.

The 2006 Directive on Statutory Audit requires third-country audit firms to register in each EU Member State where their clients' securities are admitted to trading. Preliminary estimates indicate that approximately 220 audit firms auditing issuers from about 63 third countries will be affected by these rules.

The Directive allows for exemptions from registration if a third-country audit regulation is found to be equivalent. The consultation seeks views on priorities in equivalence assessment of third countries' audit regulation. It also seeks views on transitional use of auditing standards such as US GAAS (United States Generally Accepted Auditing Standards) and ISAs (International Standards on Auditing).

Deadline for consultation is 5 March 2007.

Press release
Consultation paper

© European Commission

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