European Commission recommendation on auditor oversight

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15 May 2008

The European Commission has issued a Recommendation on 'external quality assurance for statutory auditors and audit firms auditing public interest entities'.

It provides guidance to Member States for establishing an independent and effective system of inspections on the basis of the Directive on Statutory Audit.

The Recommendation suggests:

  • Strengthening the role of the public oversight authorities in inspecting audit firms
  • Strengthening the independence of the inspection system and inspections teams
  • Policies and procedures for ensuring that inspectors, experts, and the management of the quality assurance system are objective and independent
  • Enhanced transparency on the outcome of the inspections
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