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Statutory audit means an audit of annual or consolidated accounts in so far as required by Community law. The role of statutory audit is to certify companies’ financial statements, i.e. to provide stakeholders such as investors and shareholders with an opinion on the accuracy of companies’ accounts. Hence, statutory audit contributes to the orderly functioning of markets by enhancing the integrity of and the confidence in financial statements.

In the field of statutory audit, the Commission aims to ensure high quality audits through the following strategic goals:

  • Strengthening the independence of statutory audit firms and auditors
  • Enhancing the informational value to investors of audit reporting
  • Facilitating the cross-border provision of statutory audit services in the EU
  • Contributing to a more dynamic audit market in the EU
  • Enhancing audit supervision at national and EU level
  • Fostering convergence and cooperation with third countries