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.
- 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.
FEE Survey : Overview of ISA Adoption in the EU