NEW PHASE IN COOPERATION : COORDINATION OF INSPECTION ACTIVITIES OF THE EUROPEAN AUDIT REGULATORS TRANSITIONS TO INSPECTIONS SUB-GROUP OF THE COMMITTEE OF EUROPEAN AUDITING OVERSIGHT BODIES (CEAOB)
With its final meeting in November 2016 the activities of the European Audit Inspection Group (EAIG) transitioned to the newly established Committee of European Audit Oversight Bodies (CEAOB). The EAIG has provided a pan-European platform for cooperation among audit regulators. The primary purpose of the EAIG has been to create awareness of important issues and promote cooperation and consistency amongst European audit regulators on inspections. The group has shared inspection practices and findings amongst its members and facilitated discussions on topics related to audit inspections with third parties, such as the audit standard setters (IAASB/IESBA boards) and the audit profession.
The CEAOB is the new framework for cooperation between competent authorities on audit oversight in the European Union and was formed in July 2016. It has a number of sub-groups, including the Inspections sub-group, which will carry on the majority of EAIG’s activities and which held its inaugural meeting immediately after the close of the EAIG meeting. The other sub-groups comprise the Enforcement, Market Monitoring and International Equivalence and Adequacy sub-groups, as well as the International Auditing Standards sub-group, which will be responsible for future communications with the IAASB and IESBA. Further information about the CEAOB can be found on its website (ec.europa.eu/finance/auditing/ceaob/index_en.htm).