Press Release: The European Commission green lights the exchange of audit working papers with Australia and the United States of America

The European Commission has adopted a decision recognising the adequacy of the auditor oversight authorities of Australia and the United States of America.

Adequacy refers to the ability of a third country authority to fulfil the requirements set out in the EU's Statutory Audit Directive and, in particular, its capacity to enter into reciprocal working arrangements with the EU Member States on the exchange of audit working papers or other relevant documents between competent authorities. This also covers the preservation of the confidentiality of any such documents that authorities from third countries may receive from EU Member States.

The Commission decision will enable the exchange of audit working papers between the EU Member States' oversight authorities and their Australian and US counterparts. This will contribute to reinforcing international co-operation on audit oversight which will ultimately lead to increased investor protection.

European Commission: Memo/10/390: Exchange of audit working papers with Australia and the United States of America: FAQs http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/10/390&format=HTML&aged=0&language=EN&guiLanguage=fr

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