ECG Statement on Commissioner Albuquerque’s Announcement on Audit Oversight Reform

Commissioner Albuquerque has announced plans to reform audit oversight in the EU. The European Contact Group welcomes the debate and firmly believes that consistent and effective oversight is vital to trust in independent high-quality audits and to well-functioning capital markets. As recognised by the Commissioner, there may be different routes to achieving this, including common approaches, strong cooperation among national competent authorities, effective coordination with global counterparts, and may also include greater supervisory convergence within Europe. The ECG will be contributing to the debate as the initiative progresses.