Considerations on the Concept and Status of Financial Audit Reform
Author:
Hilde BLOMME, FEE
JEL:
M 42
DOI:
Keywords:
audit, reform, European Comission, Public Interest Entities, Federation of European Accountants
Abstract:
After the European Commission Green Paper of 13 October 2010 on the role of auditors and the related public consultation, the adoption of a (non-binding) report of the European Parliament on the Green Paper and a Commission impact assessment, the European Commission released its Proposals on 30 November 2011, including:\r\n\r\n•A revision of the Statutory Audit Directive (2006/43/EC) setting ‘minimum harmonisation’ requirements for all statutory audits, requirements which would require transposition by European Union (EU) Member States into their national legislation, and\r\n•A new Regulation regarding statutory auditors of Public Interest Entities (PIEs) within the EU, setting ‘maximum harmonisation’ requirements which are directly applicable in EU Member States.\r\n\r\nThese proposals were subject to debate within the specialised national and European professional bodies. This article presents a summary of proceedings, as well as the position of the Federation of European Accountants – FEE.\r\n