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FEE urges adoption of ISAs for all audits throughout Europe

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

06 Sep 2006

The Federation of European Accountants (FEE) has prepared a briefing note for members of the European Parliament stating that it is in the public interest if statutory audits of all companies are carried out in accordance with International Standards on Auditing (ISAs).

FEE wrote in support of Article 26 of the Statutory Audit Directive that the Parliament adopted in April 2006. Article 26 requires that all statutory audits in Europe follow ISA, which are developed by the International Auditing and Assurance Standards Board. The briefing note states:

In this briefing note FEE considers why the public interest is best served if the same auditing standards apply equally to all audits of financial statements, irrespective of whether the entities audited are large or small, public interest or private.

The adoption of IFRSs for accounting purposes and of ISAs for auditing purposes are appropriate European measures to reinforce confidence in the financial markets.

Therefore FEE welcomes Article 26 of the Statutory Audit Directive that provides for statutory audits of all companies to be carried out in accordance with International Standards on Auditing (ISAs) adopted by the European Commission. The IAS Regulation 2002 already requires publicly traded companies to prepare their consolidated (group) accounts in conformity with International Financial Reporting Standards (IFRSs) adopted by the European Union.

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