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05 March 2007

FESE response to Commission consultation on statutory audit

Responding to the Commission consultation on the Implementation of Articles 45 – 47 of the Directive on Statutory Audit FESE recognises the need to work towards the convergence of international standards and the equivalence of requirements for audit firms. Nevertheless, this process should not lead to excessive and burdensome requirements that would make EU markets less attractive to 3rd country issuers.

Moreover, EU companies and EU audit firms should not be disadvantaged by a more stringent framework than 3rd country issuers and audit firms. One of the main advantages of the EU approach to auditors oversight is that is principle-based. In order to provide an incentive for 3rd countries to develop a principle–based public oversight similar to that of the EU, FESE believes that the Commission should consider transitional measures for such countries.

FESE supports the proposal of introducing comitology measures and would also strongly favour the evolution of the EGAOB into a CESR-type Level 3 Committee over time



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