Appendix II CEBS 2010 -324 - CEBS response to EU COM Green Paper on Audit Policy

CEBS comments on the European Commission’s Green Paper on Audit Policy Introduction 1. The Committee of European Banking Supervisors (CEBS) welcomes the opportunity to comment on the European Commission’s Green Paper on Audit Policy: Lessons from the Crisis. 2. CEBS, the Committee of European Securities Regulators (CESR) 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 CEBS’ viewpoint and comments on further aspects that are particularly important from the perspective of banking supervisors. 3. CEBS’ comments have been co-ordinated by the Expert Group on Financial Information, and especially by its Subgroup on Auditing, which is chaired by Ms Pat Sucher, from the UK FSA. General remarks on the approach of the Green Paper (Q1-3) 4. Through their opinions on annual accounts, external auditors are an integral part of the public oversight model and contribute to the financial stability of the market. As banking supervisors, we therefore have an interest in ensuring that auditors fulfil their role in the public interest and that audit work is carried out to a high standard. 5. We welcome the Commission’s Green Paper and support the Commission seeking views from stakeholders on ...