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Auditor independence reforms in the EU

  • FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image

18 Mar 2006

A survey by the European Federation of Accountants (FEE) has found that EU Auditor independence reforms are taking hold in EU Member States.

The FEE survey Implementation of the EU Recommendation on Independence found that the principles-based approach to auditor independence as set out in the EU Recommendation on Independence has been adopted by three-fourths of the EU member states and Norway. The EU Recommendation on Independence has recently been given legal underpinning by the new Statutory Audit Directive. In addition, European auditors, as members of IFAC, have to apply the IFAC Code of Ethics, which is currently being strengthened, and there has also been new legislation in many European countries and in the US. In announcing the survey report, FEE called for a regulatory pause to allow this new approach to auditor independence time to prove its worth to users of audit reports. Click to download the (PDF 408k).

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