EBA consults on communication between competent authorities supervising credit institutions and statutory auditors

The European Banking Authority (EBA) launched today a consultation on its draft Guidelines on the communication between competent authorities supervising credit institutions and statutory auditors of those institutions. Effective communication between competent authorities and auditors should contribute to fostering financial stability, safety and soundness of the banking system. The consultation runs until 21 January 2016.

Further convergence of the existing different practices applied across Member States on how competent authorities interact with statutory auditors should contribute to establishing a level playing field between credit institutions especially for those that pose a higher threat to financial stability.

The draft guidelines published today include provisions on the main elements to effective communication, such as the scope of information shared, the form of communication, the participants in the exchange of information, the frequency and timing of communication.

In line with the EBA's mandate, these guidelines have been developed taking into account the current practices of each Member State, as well as other existing international guidance and practices, including the BCBS guidance on 'External audits of banks'.

Consultation process

Comments on the Guidelines can be submitted by clicking on the "send your comments" button on the consultation page. Please note that the deadline for the submission of comments is 21 January 2016. All contributions received will be published following the end of the consultation period, unless requested otherwise.

A public hearing will take place at the EBA premises on 5 January 2016 from 10:00 to 12:00.

Legal basis and background

These Guidelines have been developed in accordance with Article 12(2) of Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities.