Press Release: Statutory Audit: Commission proposes cooperation on the exchange of audit working papers between Member States and Canada, Japan and Switzerland

On 11 September, 2009, the European Commission tabled a draft decision to allow Member States to exchange audit working papers with Canada, Japan and Switzerland by recognising the adequacy of the competent authorities from these countries under the Statutory Audit Directive. Adequacy refers to the ability of a third country authority to fulfil the requirements set out in Article 47 of the Statutory Audit Directive, and, in particular, its capacity to enter into reciprocal working arrangements with Member States' auditor oversight bodies on the exchange of audit working papers or other relevant documents between competent authorities, and to preserve the confidentiality of any such documents that it may receive from EU Member States.