Brussels, 20/02/2009 (Agence Europe) - “Before taking a decision on audit working papers, I think that we need more time to ensure that the United States, in particular, is ready to cooperate with us more fully, based on mutual trust and mutual assistance,” Internal Market Commissioner Charlie McCreevy said on Thursday 19 February. Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts defines the conditions necessary for a member state to authorise submission of audit papers held by account auditors to the competent authorities of a third country. Until such time as the new US administration's desire to cooperate is fully known, “the Commission should not continue discussions with our member states on the basis of the draft decision that is currently tabled,” McCreevy said. At the end of January, the Commission circulated to member states a draft decision which deemed the competent US, Canadian and Japanese authorities should be able to receive audit papers from European auditors until the end of 2010, following permission from the national authority of the member state in which the auditor is established. Canada and Japan have expressed their desire to cooperate more with the EU, but the US has yet to give any indication of its position. “I urge the SEC (US Securities and Exchange Commission) and PCAOB (Public Company Accounting Oversight Body) to agree the draft policy statement of December 2007 on how to deal with overseas oversight bodies and resolve any further outstanding issues,” the Commissioner said. The draft decision can be viewed at: http: //ec.europa.eu/internal_market/auditing/docs/relations.deciart47final_en.pdf (M.B./transl.rt)