Mutual oversight of audit to be discussed at FEE conference

An audit regulation conference which begins in Brussels today is set to discuss the progress of worldwide efforts at mutual oversight reliance.

Hosted by the European Federation of Accountants, the conference will see attendance of more than 250 leaders and accountancy professionals from some 50 countries.

A panel discussion, chaired by Financial Reporting Council CE Paul Boyle, will take place later today, after speeches by European Commissioner for Internal Markets, Charlie McCreevy as well as the US Public Company Accounting Oversight Board's Mark Olson.

The EC's proposals for audit quality assurance systems and regulation of non-EU audit firms – in the context of the run up to the June 2008 deadline for the implementation of the Statutory Audit directive – are also on the agenda.

Jacques Potdevin, FEE President, said the organisation is delighted to deliver on the European profession's commitment to safeguard the public interest.

'After the progress made regarding the convergence of accounting standards, it is now time for audit regulators worldwide to cooperate and find solutions that are both workable across borders and respect the different regulatory models which have been, or are being, put in place,' he said.

'To deliver on such an ambition, it is essential that the main stakeholders are involved appropriately in the audit public oversight bodies, including regulators, investors, companies, and professional accountants.'