In 2020, we have renewed our analysis of the scope of bank audit legislation.
We investigated 26 European Union (EU) Member States (excluding Poland) plus Norway, Switzerland, Turkey and the United Kingdom. We found that EU Member States often supplement EU legislative requirements. The variety and types of supplemental legislation differ greatly and show nuances based on each national context.
Similar to the 2016 edition of the survey, the results on ‘additional supervisory requirements’ continue to indicate divergence between countries. Our survey also shows a shift from statutory audit (S) or other assurance requirement (O) to a combination of both (S/O). For example, some assignments related to a certain category of ‘additional supervisory requirements’ (e.g. Compliance: Regulatory organisation/governance) are part of the statutory audit (S) while others are other assurance requirements (O).