European Commission proposals on statutory audits
21 Dec 2007
Charlie McCreevy, the EU Commissioner for Internal Market and Services, has released details of Planned Revisions to the Statutory Audit Requirements in the European Union.
The existing Statutory Audit Directive, also known as the 8th Company Law Directive, was adopted in May 2006. It sets out a framework of principles that Member States are required to implement into their national legislation by 29 June 2008. It also envisages that the European Union will continue to focus on some specific policy areas, such as auditor liability, International Standards on Auditing, inspections of audit firms, and relations with third (non-EU) countries.
Commissioner McCreevy announced his plans regarding the 8th Directive in six areas:
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Click to view Planned Revisions to the Statutory Audit Requirements (PDF 80k).