ACCA is pleased to respond to the European Commission's (EC) Consultation on the Adoption of International Standards on Auditing (ISAs).
We welcome the rigour of the Consultation and the accompanying study by the University of Duisburg/Essen. It presents evidence and the EC's views as to whether the clarified ISAs meet the criteria to be recognised in EU law - that they have been developed with proper due process, public oversight and transparency, and are generally accepted internationally; that they contribute a high level of credibility and quality to the annual or consolidated accountants; and most importantly overall, that they are conducive to the European public good.
We are strongly of the opinion that the clarified ISAs meet these criteria and that, accordingly, the EC should move towards their adoption as early as possible, subject only to the necessary consideration that translations into national languages should be available and sufficient time be allowed so that auditors can properly implement the new standards. The adoption of modernised auditing standards that are applied consistent across the EU will do much to realise real benefits for business, investors and regulators.
In our full response , we provide answers to the questions in the Consultation and give the specific details requested from respondents.