Translation of "Pflichtprüfung" in English

The Eighth Directive sets up requirements for the audit of the annual accounts.

Many commentators believe that the discussion on the role of the statutory auditor is overdue.

FEE welcomes the Green Paper's recognition that any discussion of audit regulation must placed within this broader context.

4.18 The statutory audit is an essential element of the system of corporate governance.

We do it now. The possible impairment of audit objectivity is the main concern.

But who is subject to a statutory audit anyway?

In May, the Commission launched a discussion on reform of the statutory auditing.

Both the fourth and seventh directives provide for an annual audit of company accounts, to be carried out by an independent expert.

Some commentators argue that audits of small companies are not necessary because the expenditure following from a statutory audit in small companies is not justified from a public interest point of view.

The definition of audit needs to encompass not only reasonable user expectations regarding financial reporting but governance reporting.

A common approach to the statutory audit, taking account of the latest developments at international level, seems desirable.

How do we benefit if our company is subject to a statutory audit?

I am therefore pleased to see that the rapporteur agrees with the main elements of the reform which I have set out in the proposal for an eighth directive on statutory audit.

For example, for the EU-wide statutory audit that was completed in April, the European Parliament agreed to a revised directive and new regulation that should have been directly applicable in all 28 member countries.

Whereas natural persons who carry out the statutory audits of accounting documents on behalf of such firms of auditors must fulfill the conditions of this Directive;

A natural person may be approved to carry out statutory audits of the documents referred to in Article 1 (1) only after having attained university entrance level, then completed a course of theoretical instruction, undergone practical training and passed an examination of professional competence of university, final examination level organized or recognized by the State.

Whereas this Directive does not cover either the right of establishment or the freedom to provide services with regard to persons responsible for carrying out the statutory audits of accounting documents;

None of the professional persons referred to in Articles 15 and 16 or of those persons referred to in Article 18 may be approved by way of derogation from Article 4 unless the competent authorities consider that they are fit to carry out statutory audits of the documents referred to in Article 1 (1) and have qualifications equivalent to those of persons approved under Article 4.

A Member State which makes use of Article 20 may allow the practical training of the persons concerned as referred to in Article 8 to be completed under a person who has been approved under the law of that Member State to carry out the statutory audits referred to in Article 20.

Member States shall prescribe that persons approved for the statutory auditing of the documents referred to in Article 1 (1) shall carry out such audits with professional integrity.

Articles 23 and 24 shall also apply to natural persons who satisfy the conditions imposed in Articles 3 to 19 and carry out the statutory audit of the documents referred to in Article 1 (1) on behalf of a firm of auditors.

Whereas the qualifications of persons entitled to carry out the statutory audits of accounting documents should be harmonized ; whereas it should be ensured that such persons are independent and of good repute;