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EBA
The EBA supports the IAASB’s proposed strategy and the proposed work programme, which focus on promoting sound and high quality audit practice. The EBA welcomes the identification of special audit considerations relating to financial institutions, as one of the key priorities in IAASB’s work plan in the forthcoming years. Enhancing auditing standards in this area is very important, given the significant role of financial institutions for global financial stability and the need to consider the particular nature of the audit of financial institutions.
FEE
Reference is made to the expected European legislation on audit policy, the outcome of which is now relatively clear. Implementation of this package of legislation will significantly influence and shape the audit profession in Europe and beyond over the coming years.
FEE very much appreciates that the IAASB was present on the European scene in the course of the deliberations on these legislative texts. However, in order for the IAASB’s work to remain relevant to the European audit profession, FEE believes it is essential that the IAASB continues to be involved in the debates on the implementation of the new Audit Directive and Regulation and duly consider how this impacts its own Strategy and Work Program, especially in relation to ISA adoption and auditor reporting in the EU.