ecoDa’s response to the Call for evidence: EU regulatory framework for financial services

29.01.2016

ecoDa’s response to the Call for evidence: EU regulatory framework for financial services:

Feedback on trends that are emerging as the audit reform legislation is being implemented in the EU member states.

Regarding the performance monitoring of the audit committee, the Regulation remains silent on the scope and on the explicit criteria to assess audit committees. It is not clear whether the monitoring will be restricted or not to the audit market, e.g. the way audit committees organise the selection procedure of the statutory auditor or audit firm. ecoDa is of the opinion that like any other board committee, audit committees operate as subcommittee within the board. Audit committees can only deal with matters within the board’s scope of responsibilities and for whose decisions the board as a whole is held accountable.