FEE published a Discussion Paper in March 2005, “Risk Management and Internal Control in the EU”, with a view to inviting comment from audit firms, professional accountancy bodies, national auditing standard setters, the International Audit and Assurance Standards Board (IAASB), companies and other interested stakeholders. FEE has summarised the responses to the Discussion Paper and the summary of the responses is presented in this report in order to provide conclusions on each of the questions. The conclusions have been developed based on the comments received, discussions at the FEE Forum on Risk Management and Internal Control of 25 October and further reflections within FEE since the publication of the Discussion Paper.

Analysis of Responses