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September 29, 2009

EC proposes oversight reliance

The EC has proposed that audit regulators in EU member states co-operate with regulators in Canada, Japan and Switzerland on the exchange of audit working papers.

The proposal means the EC has judged the Canadian, Japanese and Swiss authorities able and willing to fulfil the requirements in Article 47 of the Statutory Audit Directive.

This relates particularly to their capacity to enter reciprocal working arrangements with member states’ auditor oversight bodies on the exchange of audit working papers or other relevant documents and to preserve the confidentiality of information received from the EC.

The commission said the US also seems open to such co-operation but is prevented by national law from sharing its audit working papers with third parties.

It said the US will be included in the current proposal if it introduces the necessary framework allowing for mutual exchange of audit working papers with the EU public oversight bodies before the European Parliament votes on the proposal.

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