FEE supports audit benchmarks
BRUSSELS – In early September the European Federation of Accountants (FEE), which represents the accountancy profession in Europe, announced its support for statutory audits of all companies to take place at the same benchmark level across the European Union (EU). This statement comes at a time when Members of the European Parliament (MEP’s) are contemplating the issue and are being urged by FEE to support their regulatory stance.
The EU’s Statutory Audit Directive, which was adopted in September 2005, provides the background to the current debate. The directive is the EU’s attempt to deal with past accounting scandals. It is designed to lead to an improvement in audit quality and independence. Accompanying the directive is an international regime, led primarily by the International Auditing and Assurance Standards Board
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