CEBS comments on the European Commission's consultation on the adoption of ISAs
07 October 2009
CEBS supports the adoption of ISAs at EU level and believes that add-ons would be acceptable to the extent that they stem from specific national legal requirements relating to the scope of statutory audits.
As banking supervisors who actively encourage efforts to come to a set of internationally developed auditing standards, CEBS supported the IAASB “Clarity Project” and took part in the consultation process for revising and/or redrafting the standards that are particularly relevant to prudential supervisors. CEBS also supports the adoption of ISAs at European level.
CEBS believes that acceptance of ISAs at the international level is sufficiently demonstrated. This opinion is based on the current state of convergence towards ISAs in some jurisdictions in the world, the adoption of ISAs in other jurisdictions, the application of ISAs by the largest networks of audit firms and the wide recognition of ISAs in the world by public authorities.
CEBS also thinks that add-ons would be acceptable to the extent that they stem from specific national legal requirements relating to the scope of statutory audits. Carve-outs by Member States should be avoided, except in rare circumstances.
© CEBS - Committee of European Banking Supervisors
