01 September 2015

FEE demonstrates different scope of bank audits of regulatory reporting across Europe

FEE Members in 27 EU countries provided information on how the audit profession is involved in assuring the reports banks provide to their regulators. This is a task auditors can provide in addition to the annual statutory audits of a bank’s financial statements, which is required by EU law.

In summary in only 15 countries the auditor is involved with regulatory organisation reporting, in 12 countries the scope of audit includes other regulatory requirements, in 10 countries the scope of the audit includes ongoing financial reports that are addressed to the regulators and finally in only 12 countries the scope of the audit includes special reports that are addressed to the supervisors.

FEE has informed the ECB, as the direct supervisor of 123 EU banks, about this divergence in practice and has offered the ECB its support in developing a more coordinated approach.

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