The European Commission has released a statement announcing the inaugural meeting, on 12 July 2016, in Brussels, of the newly created Committee of European Auditing Oversight Bodies (CEAOB).

The CEAOB, which was established by the Audit Regulation, introduces a new framework for cooperation between audit regulators at EU level. It says this will help strengthen EU-wide audit oversight, which is a key objective of the new EU legislation on statutory audit that took effect on 17 June 2016.

Boosting investor confidence in the financial sector

The statement said this will “help promote high-quality audits and bolster investors’ confidence in the financial sector”.

Members of the CEAOB include representatives of the national audit oversight bodies of the EU and of the European Securities and Markets Authority (ESMA). Representatives of the national audit authorities of the European Economic Area also participate. The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) are observers.

"Exciting and challenging times for statutory audit in Europe"

Ralf Bose, chief executive director of Germany's Auditor Oversight Body (AOB), has been appointed as Chair of the CEAOB. He commented: “These are exciting and challenging times for statutory audit in Europe as the new EU audit legislation takes effect. I look forward to the CEAOB playing its full role in improving both audit quality and investor confidence in audits through effective communication.”

More information will be available on the EC's website.