The Statutory Audit Directive creates the mechanism for introduction of EEA-wide auditing standards and the framework for regulation and supervision of all aspects of the activities of auditors and audit firms. ICMA (and its predecessor IPMA) has been involved in negotiating the directive with the aim of ensuring that the wider interests of the international capital markets are taken into account.
Two issues arising under the Directive continue to be topical: the treatment of non-EEA audit firms and the possible introduction of a limitation of the audit firms' liability for statutory audits.
Related documents:
8 July 2021
ICMA response to BEIS consultation Restoring trust in audit and corporate governance
12 February 2019
ICMA response to UK Financial Reporting Council call for feedback on post implementation review of 2016 Ethical and Auditing Standards changes to implement the Audit Regulation and Directive
21 January 2019
ICMA response to UK Competition and Markets Authority’s statutory audit services market study update paper
12 March 2008
ICMA response re UK implementation of the Statutory Audit Directive
25 February 2008
ICMA SIFMA comments on CESR equivalence consultation
25 September 2007
ICMA comments re File Number S7 13 07
21 August 2007
ICMA SIFMA comments on draft equivalence mechanism regulation
30 May 2007
ICMA Response re UK implementation of Statutory Audit Directive
8 May 2007
Final ICMA Response to CESR Equivalence CP
15 March 2007
ICMA Response to EC CP re Auditors Liability
1 March 2007
ICMA response to consultation on non-EEA auditors