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Relations with third countries

European Commission Implementing Decision (EU) 2016/1223 on the equivalence of certain third countries public oversight, quality assurance, investigation and penalty systems for auditors and audit entities (25.07.2016)

On 25 July, the European Commission adopted an Implementing Decision recognising that the auditor public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of certain third countries meet requirements that are equivalent to those applicable to Member States’ auditor public oversight systems. In addition, it also extends the transitional period for audit activities of auditors and audit entities of some other third countries. Consequently, Member States will be able to exempt the auditors and audit firms concerned from the registration requirement and from the EU audit oversight.

European Commission Implementing Decisions, (EU) 2016/1155 and (EU) 2016/1156, on equivalence and adequacy of US auditor oversight authorities (15.07.2016)

On 14 July 2016, the European Commission adopted two decisions recognising the equivalence and adequacy of the US auditor oversight authorities. These decisions extend the current agreement, which expires on 31 July 2016, by a further six years.

European Commission Implementing Decision (EU) 2016/1010 on the adequacy of the competent authorities of certain third countries and territories (21.06.2016)

On 21 June 2016, the European Commission adopted an Implementing Decision with regard to the competent authorities of Brazil, Dubai International Financial Centre, Guernsey, Indonesia, Isle of Man, Jersey, Malaysia, South Africa, South Korea, Taiwan, and Thailand. The decision declares that these authorities meet requirements that shall be considered adequate to the requirements complied with by their European counterparts for the purpose of transfers of audit working papers or other related documents.

European Commission Decision on the equivalence of certain third countries public oversight, quality assurance and investigation and penalty systems for auditors and audit entities (13.06.2013)

On 13 June 2013, the European Commission adopted an amending decision to decision 2011/30/EU declaring the public oversight system for auditors of 10 new third countries equivalent to the systems in the EU.

European Commission adopted two Decisions on the equivalence of the American public oversight system and adequacy of the US Public Company Accounting Oversight Board, with effect from 1 August 2013 (11.06.2013)

As a consequence, EU audit regulators may keep concluding cooperative agreements with the PCAOB with a view to relying on each other’s work on the supervision of auditors and audit firms until 31 July 2016.

The Adequacy Commission Decision implements Art 47(3) of Directive 2006/43/EC. This Decision recognizes the audit oversight authorities of the United States of America as adequate to exchange audit working papers with Member States’ competent authorities for a limited period of time. It will expire on 31 July 2016 .This extension will allow the pursuit of the cooperation with the PCAOB on the exchange of working papers after the expiry of the current Adequacy and Equivalence Decisions on 31 July 2013.

The Equivalence Commission Decision implements Art 46 (2) of Directive 2006/43/EC. The Decision recognizes as equivalent to Member States’ auditor public oversight systems the auditor public oversight systems of the United States of America. It is also limited in time and will expire on 31 July 2016.This Decision allows Member State to exempt the auditors and audit firms from the US from the requirements to be registered and subject to EU oversight.

Commission decision lays the foundation for reinforced international cooperation on the supervision of auditors (19.01.2011)

The European Commission today adopted the first decision recognising the equivalence of the audit oversight systems in 10 third countries.

The European Commission allows Member States to co-operate with Australia and the United States of America on the exchange of audit working papers (01.09.2010)

The European Commission adopted a decision on the adequacy of the competent authorities of Australia and the United States of America pursuant to Directive 2006/43/EC.

Commission services propose a Draft Decision on the adequacy of the competent authorities of Australia and the United States of America pursuant to Directive 2006/43/EC of the European Parliament and of the Council

Statutory Audit Directive: Commission services propose a Draft Decision on the adequacy of the competent authorities of certain third countries to be adopted through comitology procedure.

The European Commission allows Member States to co-operate with Canada, Japan and Switzerland on the exchange of audit working papers (05.02.2010)

The European Commission adopted a decision on the adequacy of the competent authorities of certain third countries pursuant to Directive 2006/43/EC

Conference on International Developments in Accounting and Auditing (08.02.2010)

The European Commission will host a one-day conference on international developments in Accounting and Auditing on the 8th of February 2010.

Audit working papers – Commission services propose a Draft Decision

Statutory Audit Directive: Commission proposes cooperation on the exchange of audit working papers between Member States and Canada, Japan and Switzerland (IP/09/1304)
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Audit working papers – Statement by Charlie McCreevy

Audit Working papers – Statement by Charlie McCreevy, Commissioner for the Internal Market and Services (MEMO/09/79)

Comment letter by the Commission services

Comment letterpdf Choose translations of the previous link  by the Commission services in reply to the request for public comment by the Public Company Accounting Oversight Board (PCAOB) on its "proposed rule amendments concering the timing of certain inspections of non-US audit firms, and other issues relating to inspections of non-US firms".

International Auditing Conference with third countries (10.12.2008 – Brussels)

The European Commission is organising a conference to enhance international cooperation and promote auditing public oversight systems in third countries.

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Public consultation

The public consultation on Commission’s future strategy and priorities on statutory audit in relation to non-EU countries (known as ’third countries’) has been closed on 5 March 2007. The contributions authorised for publication are available here.