ACCA response: Implementing audit committee requirements under the revised Statutory Audit Directive – CP34/15

ACCA has commented on the proposals issued by the Prudential Regulation Authority for implementing the requirements of Article 39 of the Statutory Audit Directive.

ACCA response to the Prudential Regulation Authority consultation regarding proposals to implement the requirements of the EU Directive.

While supporting the overall objective of promoting high standards of governance among PRA-regulated firms, the response highlights the ACCA concern that the PRA has not taken advantage of all the state discretions and derogations afforded by Article 39.

In this light, ACCA encourages the PRA to continue gathering views from firms that would fall within the scope of the proposals when introducing these new requirements, and to be sensitive to the requirements of proportionality.