Representatives of the Commission, the European oversight bodies from 29 member states of the EAIG, the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) participated in a meeting of the working group of the European Audit Inspection Group which was held in Zurich on 15th and 16th November 2012.
Subject of the debate was the ongoing discussion of previous meetings for the establishment of an electronic database of findings. The risk-based approach for inspections was further discussed, in particular the one related with the activities for assessing the adequacy of audit fees. In this regard, it was noted that during the quality control review an analysis was carried out to confirm that the company's criteria for determining the audit fee take into account the specific features and resources planned for the corresponding engagement. In addition, an analysis of the differences between planned and actual hours in audit, an analysis of the involvement of partners and managers in the engagements, and an analysis of the use of internal and external experts were performed. At that moment was impossible to find a relationship between low pay and the provision of additional non-audit services.