Brussels, 01/09/2010 (Agence Europe) - On Wednesday 1 September, the European Commission adopted a decision noting the appropriateness of the American and Australian audit supervision systems with European legislation (Directive 2006/43/EC). This decision paves the way for the signature of mutual bilateral agreements between the member states and these two countries, which will allow the exchange of audit documents between supervisors whilst guaranteeing the confidentiality of the information exchanged. Equivalent to a previous decision regarding the audit supervision systems in Canada, Japan and Switzerland (EUROPE 10072), it will promote international cooperation on the supervision of the international audit networks. “This decision will allow the European audit supervision bodies to cooperate with their American and Australian counterparts to monitor the global audit networks. The exchange of audit documents is an important stage towards our ultimate objective: the creation of equivalent and mutual confidence in each other's systems”, said Commissioner Michel Barnier in a press release.
Documents which may be exchanged relate to the audits of companies quoted on the stock exchanges in both third countries or belonging to a group which submits consolidated legal accounts in these countries. It is worth noting that for the US, the decision will apply until the end of July 2013. The American supervisors (PCAOB and SEC) wish to continue an assessment of the audit supervision systems of the member states before deciding whether to take as a basis the supervision carried out by their competent authorities. (M.B./transl.fl)