EC decision on international cooperation on the supervision of auditors

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20 Jan 2011

The European Commission has adopted a first decision recognising the equivalence of the audit oversight systems in 10 third countries.

This decision paves the way for reinforced cooperation between Member States and third countries which have been declared equivalent, so that they can mutually rely on each others' inspections of audit firms. The countries assessed as equivalent are Australia, Canada, China, Croatia, Japan, Singapore, South Africa, South Korea, Switzerland and the United States of America.

The decision also grants a transitional period to auditors from 20 third countries allowing them to continue their audit activities in the EU while further assessments are carried out.

Click for EC press release (link to EC website).

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