Audit Regulation
3.6.2015
Question for written answer E-009002-15
to the Commission
Rule 130
Kay Swinburne (ECR)
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?