EC’s consultation on fitness check on supervisory reporting

Accountancy Europe responded to European Commission’s questionnaire on fitness check on supervisory reporting aiming to gather evidence on the cost of compliance with existing EU-level supervisory reporting requirements.

We have submitted a comment letter with our views on the divergence in practice in the auditor’s involvement in regulatory reporting and public disclosure for banks and insurance undertakings. This divergence may create doubts about the reliability and quality of data.

We provided more information to support our views from two survey results on audit of Solvency II reporting by insurance undertakings and on audit of banks across Europe (links below).