EBA consults on communication between competent authorities supervising credit institutions and statutory auditors
22 October 2015
Effective communication between competent authorities and auditors should contribute to fostering financial stability, safety and soundness of the banking system.
Further convergence of the existing different practices applied across Member States on how competent authorities interact with statutory auditors should contribute to establishing a level playing field between credit institutions especially for those that pose a higher threat to financial stability.
The draft guidelines published include provisions on the main elements to effective communication, such as the scope of information shared, the form of communication, the participants in the exchange of information, the frequency and timing of communication.
In line with the European Banking Authority's (EBA) mandate, these guidelines have been developed taking into account the current practices of each Member State, as well as other existing international guidance and practices, including the BCBS guidance on 'External audits of banks'.
Comments on the Guidelines can be submitted by 21 January 2016. A public hearing will take place at the EBA premises on 5 January 2016 from 10:00 to 12:00.
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