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The Commission consultation to determine whether International Standards on Auditing (ISAs) should be adopted in the EU. According to an independent study also published today, the benefits of adoption would outweigh the costs.
"Some say ISAs may not have sufficient international acceptance, while others fear that they may not be fit for the audit of smaller entities", Commissioner McCreevy said. The Commission would adopt the ISAs with a view to enhancing confidence in the financial statements, possibly for the audits of all limited companies in the EU.
A study undertaken by the University of Duisburg-Essen indicates that an adoption of the ISAs in the EU would result in quantitative and qualitative benefits for companies, investors and regulators, stemming from high quality and harmonised audits in the EU.
Deadline for comments is
Study Report: