Issues on The Audit Oversight of Interest for the European Professional Bodies in the Area

Author:Cornelia STĂNESCU

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Keywords:sub-prime crisis, audit, audit report, going concern, Directive 43/2006, third countries cooperation, International Standards on Auditing, endorsement

Abstract:
In February current took place the first meeting of the European Group of the Audit Oversight Bodies (EGAOB), a body established at the European Commission level in order to ensure an effective coordination of the new public oversight systems in the European union Member States. \r\nIn this meeting the participants have discussed about the sub-prime crisis in the United States and its impact on the going concern of the entities and the audit reports, but also issues related to the implementation of the provisions of Directive 43/2006. The main issues discussed in relation to the latest subject approached relate to third countries cooperation, especially United States and Japan, but also to International Standards on Auditing adoption at the European level and their translation into official languages of the Member States.\r\n

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