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control of the auditing profession falls under the responsibility of the
CNCC's Regional Councils, who have developed a peer review system for
members registered with their designated regional institute. The Regional
Council selects the auditors to carryout the quality control, under the
denomination of « contrôleurs article 66 », named after the section of
company law which regulates the statutory audit profession. Each Regional
Council appoints a member from its Board to supervise the control function
at regional level. Reviews are carried out on individually registered
auditors as well as the organisation of the audit firms in which they
practice.
As a result of pressure from the COB, the French stock exchange watchdog,
a separate external quality control function is directed at auditors
of listed companies on a national level. This is also conducted as a
peer review.
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