13 July 2012

FEE publishes four Policy Statements on Audit Policy

In the context of the debate on audit policy, FEE has prepared four Policy Statements on a number of topics directly relevant to audit policy. These Policy Statements are not meant to be detailed technical papers, they are meant to be brief and readable for non-professionals. FEE hopes they will help to inform policy makers, legislators, regulators, politicians, preparers and other stakeholders as well as the profession about how these subject matters could be further developed.

Provision of Non-Audit Services, Auditor Reporting and Public Oversight should not be dealt with by Regulation

As the representative organisation of the European accountancy profession, FEE is committed to advancing audit policy across the EU and globally. This would require striking a proper balance between the need to provide consistent common principles and requirements while acknowledging differences in size, structure, complexity and type of economies of EU Member States. Intervention in European Union law needs to continue complying with the principles of subsidiarity and especially proportionality.

Therefore, FEE recommends the European Institutions to reassess the choice of a European Regulation as the legal instrument to change statutory audit of public interest entities. In line with the choice made regarding the current Statutory Audit Directive (2006/43/EC), it would be more appropriate and proportionate to continue dealing with the provision of statutory audit services to companies which are public interest entities in a European Directive.

Hard copies are also available on demand from the FEE secretariat.

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