PracticeAuditMutual oversight of audit to be discussed at FEE conference

Mutual oversight of audit to be discussed at FEE conference

EC to discuss quality assurance proposals for non-EU audit firms

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.’

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