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Parliamentary questions
3 June 2015
E-009002-15
Question for written answer
to the Commission
Rule 130
Kay Swinburne (ECR)

 Subject:  Audit Regulation
 Answer(s) 

As a response to the financial crisis, Article 8 of Regulation 537/2014 introduces a legal requirement for an Engagement Quality Control Review (EQCR) to be carried out as part of the statutory audit of every public-interest entity in the EU. That review must be performed by an EU-registered statutory auditor.

As the principal objective of this regulation is to improve audit quality, can the Commission confirm that the EQCR of, for example, a credit institution can be performed by an EU-registered statutory auditor with extensive banking experience even if that individual is not registered in the Member State where the EQCR is being performed?

Last updated: 15 July 2015Legal notice