Appendix I CESR 10-1502 - CESR response to EU COM Green Paper Audit Policy

COMMITTEE OF EUROPEAN SECURITIES REGULATORS THE CHAIRMAN CESR response to the European Commission’s Green Paper on Audit Policy The Committee of European Securities Regulators (CESR), through its Corporate Reporting Standing Committee, has considered the Green Paper on Audit launched by the European Commission. CESR, the Committee of the European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) have worked together in preparing comments. While our joint letter sets out a common 3L3 position on the most important issues addressed by the Commission in the Green Paper, this annex gives more detail on these main topics from CESR’ viewpoint and comments on further aspects that are particularly important from the perspective of securities regulators. Section1. Introduction Question 1 Do you have general remarks on the approach and purposes of this Green Paper? and Question 2 Do you believe that there is a need to better set out the societal role of the audit with regard to the veracity of financial statements? and Question 3 Do you believe that the general level of "audit quality" could be further enhanced? We welcome the Commission’s initiative to consider the role of audit and audit policy following the financial crisis. We note that the Green Paper covers a very broad range of issues, many of which are worthy of thorough debate by stakeholders ...