31 January 2013

FEE Paper on Auditor Independence Provisions


“A Comparison of European Commission Statutory Audit Directive – Recommendation on Statutory Auditor’s Independence in the EU and the Independence Sections of the IESBA Code of Ethics for Professional Accountants”: In the Paper, FEE provides a summary of key differences between the EU frameworks of Auditor Independence provisions (in the 2006 Statutory Audit Directive and the 2002 EC Recommendation on Statutory Auditor’s Independence in the EU) and global independence standards of the Code of Ethics of the International Ethics Standard Board for Accountants (IESBA).

In respect to audits of Public Interest Entities (PIEs), the IESBA Code includes stricter provisions for those non-audit services that are incompatible with the provision of audit services and tackles other matters that may be considered for inclusion in future EU audit legislation.

The outcome with the adoption and application of the principles and requirements of the IESBA Code of Ethics in the EU would be that a more robust system would be in place.

On Independence requirements, FEE has also issued a Policy Statement on the Provision of Non-Audit Services to Audit Clients that are PIEs in July 2012. View


Related files:

FEE Paper Comparison IESBA Code of Ethics January 2013

Promoting Further Harmonisation of European Auditor Independence Requirements


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