Press Release: Auditing: Commission issues Recommendation to strengthen confidence in statutory audit

The European Commission issued a Recommendation on 'external quality assurance for statutory auditors and audit firms auditing public interest entities'. It provided guidance to Member States for establishing an independent and effective system of inspections on the basis of the Directive on Statutory Audit. In essence, this Recommendation gave more responsibilities to the public oversight bodies, strengthens the independence of inspection teams and enhances transparency on the results of inspections of individual audit firms.

European Commission: MEMO/08/300: Commission Recommendation on external quality assurance for statutory auditors and audit firms auditing public interest entities: Frequently Asked Questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/08/300&format=HTML&aged=0&language=EN&guiLanguage=en

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