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Further convergence of the existing different practices applied across Member States on how competent authorities interact with statutory auditors should contribute to establishing a level playing field between credit institutions, especially those that can pose a higher threat to financial stability.
These Guidelines include an underlying general framework that should underpin effective communication between the competent authorities and the auditors at all times and specify the main elements of effective communication, such as the scope of information shared, the form of communication, the participants in the exchange of information, frequency and timing, and the communication between competent authorities and auditors collectively.
In line with the European Banking Authority’s(EBA) mandate, these guidelines have been developed taking into account the current practices of each Member State, as well as other existing international guidance and practices, including the BCBS guidance on 'External audits of banks'.