FEE publishes policy statements on audit policy
Jul 20, 2012
The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has prepared four 'Policy Statements' on a number of topics directly relevant to audit policy in the European Union.
The four Policy Statements are as follows (links are to the Statements on the FEE website):
- Provision of Non-Audit Services to Audit Clients that are Public Interest Entities (PIEs) - states that the provision of other services to audit clients should be either prohibited or permitted depending on a case by case analysis
- Improved Auditor Reporting - recommends that audit reports could be enhanced by considering the currently proposed general principles and requirements for the content of future auditor communications, as recently issued by the International Auditing and Assurance Standards Board (IAASB)
- Public Oversight of Statutory Auditors and Audit Firms auditing Public Interest Entities (PIEs) and non-Public Interest Entities (non-PIEs) - suggests an appropriate mechanism should be set up to identify, assess and use relevant and up to date expertise and experience from practitioners regarding auditing as well as that the composition of competent authorities should reflect a necessary wide range of stakeholders, including representatives of business, regulators, shareholders and not only be composed of government officials
- Adoption of International Standards on Auditing (ISAs) in the European Union- recognising that ISAs promote quality and enhance confidence in the internal market, FEE continues to call for their adoption for all statutory audits in the European Union.
Click for FEE press release (link to FEE website).