Publication

16 April 2015

FEE shows that EU countries increasingly move towards International Standards on Auditing (ISAs)

 

FEE’s new publication “Overview of the ISA adoption in the EU” demonstrates to what extent the 28 European Union Member States have chosen to apply ISAs for all audits. Based on information gathered from FEE Member Bodies, FEE noted that significantly more countries voluntarily adopted ISAs than when we last asked in 2013. Currently, only three Member States have not yet adopted these global standards.

The publication also includes additional information for each Member State. Namely, if they have ‘add-ons’ to the ISAs in place, whether they have adopted the International Standard on Quality Control (ISQC 1), what guidance on proportionate application of ISAs they have and how application is enforced.

More information:

  • The 2014 EU audit reform empowers the European Commission to mandate the use of ISAs for all statutory audits in the EU. As the Commission has not adopted the ISAs yet, the 28 Member States can apply national auditing standards in the meantime. Please see FEE’s fact sheets and briefing papers on the audit reform.
  • FEE fully supports the adoption of ISAs for all statutory audits in the EU, as using one set of global standards will continue to increase audit quality. It will also enhance the reliability, comparability and consistency of financial statements in the EU and increase the acceptance of audit reports beyond their home jurisdictions.
  • ISAs are issued by the International Auditing and Assurance Standards Board (IAASB) via a rigorous due process; FEE actively contributes to this by participating in the IAASB Consultative Advisory Group and by responding to public consultations. For more information please visit our web pages on audit & assurance.

Related links

FEE Survey : Overview of ISA Adoption in the EU

 

Related content

PublicationSimplifying auditing standards for small or non-complex entities

12 April 2018

Stories from PracticeVolunteering for a more human approach

7 January 2019

UpdateTax Policy

4 January 2019

UpdateCapital Markets Union

31 December 2018

UpdateTechnology

18 December 2018

Publication10 Most popular publications of 2018

11 December 2018

UpdateTax Policy

11 December 2018

PublicationModernising VAT

5 December 2018

UpdateCapital Markets Union

3 December 2018

PublicationEnhancing access to cross-border services

30 November 2018

UpdateTax Policy

26 November 2018

PublicationMember States’ implementation of new EU audit rules

26 November 2018

UpdateTax Policy

12 November 2018

UpdateTechnology

8 November 2018

Consultation responseEC’s consultation on Better Regulation

7 November 2018

Stories from practiceLessons from the Parmalat bankruptcy: how forensic accounting prevents fraud

5 November 2018

Consultation responseIAASB’s exposure draft ISA 315 (revised) on identifying and assessing the risks of material misstatement

2 November 2018

UpdateTax Policy

29 October 2018

UpdateTax Policy

16 October 2018

EventIAASB – Shape the future of EER assurance

14 October 2018

BlogSustainable finance: what’s it got to do with accountants?

10 October 2018

Sign up for our newsletter