23 October 2013 — Publication
Enhancing audit quality through the auditor selection process
Brussels, 23 October 2013 – A robust auditor selection process is essential to enhance audit quality and transparency, as well as contribute to ensuring auditor independence.
As part of FEE’s commitment to contributing to further improving audit quality, preserving auditor independence, and enhancing corporate governance, FEE took the initiative to reflect on the auditor selection process.
A pan-European stakeholders’ survey and the work of an expert task force resulted in a publication outlining best practices for entities seeking guidance on how to manage this process. This paper examines the governance aspects around the selection of the auditor, the phases of the process, and offers an elaborated list of criteria to be assessed when selecting an auditor.
As a major step in developing its publication, FEE sought to involve a broad range of stakeholders through the use of an online survey conducted between May and July 2013, comprising questions on respondents’ experiences with the auditor selection process. With over 240 responses, the information gathered has greatly informed FEE in elaborating the guidelines proposed in this paper with the results of the survey compiled in the Appendix of the publication.
FEE is committed to fostering the public debate on auditor selection. Going forward, further steps in engaging in this debate could include organising round-tables across Europe, as well as a more in-depth survey with stakeholders from outside of the audit profession.