SUBSEQUENTLY UPDATED IN JUNE 2014

The equivalence of systems of public oversight, quality assurance, investigation and penalties for the audit profession in the European Union and third countries

The European Commission has recently published new decisions regarding the equivalence of systems of public oversight, quality assurance, investigation and penalties for the audit profession in the European Union and third – ie, non-EU – countries.

The purpose of this factsheet is:

• To provide a summary of these decisions, in addition to some background information on the current EU legislative framework applicable to audit oversight relations within the EU and between EU and third-country oversight authorities; and

• To outline the importance of providing formal mechanisms for the timely exchange of information and coordination of oversight in cross-border cases. This will be of particular interest for FEE member bodies and for auditors of entities registered on a stock exchange outside the EU and/or third-country subsidiaries of EU-based clients.

Related files:

 Factsheet

Related links:

FACTSHEET, UPDATE JUNE 2014