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Home International Relations International cooperation Meeting of the Working Group “Company Law” to the Council of the European Union

Meeting of the Working Group “Company Law” to the Council of the European Union

Meeting of the Working Group “Company Law” to the Council of the European Union
02.05.2012

 

A meeting of Working Group “Company Law” to the Council of the European Union was held on May 2nd 2012 in Brussels. It was presided by the Danish delegation and was attended by officials of the “Audit Policy” Department of Directorate General “Internal Market and Services” of the European Commission.

The meeting continued with the adopted approach from the last meeting – the delegations presented their views and positions on the provisions of the Proposal for a Regulation of the European Parliament and the Council on specific requirements regarding the statutory audit of public-interest entities related to some specific aspects of the information which should be included in the audit report. Under these requirements the auditor is obliged to indicate in his/her report the main risk areas of material misstatement in the annual financial statements, the level of materiality, the used approach, the evaluation of the entity’s internal control system, the going concern principle, as well as what part of the balance was directly verified.

 

In the course of the discussion the majority of the Member States expressed their support for the approach of the European Commission which aims at expanding the information that is provided to the interested parties with the audit report, but on the other hand under the thus formulated requirements there is a risk that the report would become too complicated and incomprehensible. In this regard, a clearer and more precise definition of the texts is recommended, as well as joining or editing some provisions in order to tighten the contents of the report by strengthening the important aspects.

In response, the representatives of the European Commission stated that the question related to the audit report is one of the most important components of the Proposal for a Regulation to protect the public interest. The outcome of the research carried out showed that as a result of the crisis, the main risks are in the balance sheet.

In regards to the hypothesis for a going concern, the Commission mentioned that as a result of the financial crisis, a lot of banks in the EU have ceased to be going concerns. It would be important that the auditor would indicate in his/her report whether the management’s judgment is correct.

The requirement in the audit report to enlist the members of the audit team and to declare their independence was regarded as unnecessary by the Member States’ representatives. Instead, it was proposed that the audit company would make a statement regarding the independence of the audit team’s members.

The European Commission assessed the proposals and added that it will consider whether the report would include only the members of the audit team at a management level.

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The Commission for Public Oversight on Statutory Auditors was established in compliance with the Directive 2006/43/EC of the European Parliament and of the Council.

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