Press Release: Commission decision lays the foundation for reinforced international cooperation on the supervision of auditors

The European Commission has adopted the 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 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.

European Commission: Memo/11/30: Commission decision lays the foundation for reinforced international cooperation on the supervision of auditors: FAQs http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/30&format=HTML&aged=0&language=EN&guiLanguage=en

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