Europe’s accountants call for oversight board
The European Federation of Accountants (FEE) has announced proposals to strengthen the public supervision of Europe's audit profession.
The FEE is calling for common principles across the numerous oversight systems of Europe's member states. Though acknowledging that oversight structures are most efficiently organised at member state level, the FEE proposes a pan-European body to supervise these policies.
Cooperation with the US oversight system is also an FEE recommendation, in order that time-consuming duplications of responsibility do not occur. A pan-European body would also allow an official exchange of information across borders.
"Robust public oversight ensures that the public can have confidence that the audit profession is committed to working in the public interest at the required highest level of quality," says David Devlin, the FEE president. "FEE supports the creation of a European-level body to co-ordinate oversight arrangements at member state level and to help address cross border issues."
The FEE represents over half a million European accountants.