issued a report on the quality assurance systems and public oversight arrangements across Europe contributing to the ongoing debate on audit quality and the sustained efforts of the Profession in this field. The study finds that a significant number of EU Member States are still considering the impact of the Statutory Audit Directive in relation to the creation of a system of public oversight and the implementation of Article 29 on quality assurance. Also, all countries surveyed except one have a system of external quality assurance in place that covers all audit firms or all statutory auditors.
FEE President Jacques Potdevin called for a quick EU decision explaining that: “diverging national initiatives in the area of recognition will only create inconsistency and risk confusing third countries'.
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