Statutory audit means an audit of annual or consolidated accounts in so far as required by Community law.
In the field of statutory audit, the Commission contributes to ensure a competitive audit market and high quality audits as well as to prevent corporate and financial malpractice.
Accordingly, the Commission pursues the following strategic directions:
independence of audit firms and auditors
public oversight of auditors
international standards on auditing
co-operation with third countries
Reforming the audit market
New legislative proposals have been adopted by the Commission in order to enhance the quality of statutory audits in the EU and restore confidence in audited financial statements, in particular those of banks, insurers and large listed companies.