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
• auditor’s liability
• public oversight of auditors
• international standards on auditing
• co-operation with third countries