Abstract
This chapter explores recent EU and international developments in audit policy, and focuses on the adoption of International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). Under the harmonization of company law program, the EU has adopted international accounting standards as the basis for preparing the financial statements of EU listed companies, and is currently in the process of adopting international auditing standards as the basis for audit. The chapter examines the debates and developments pre- and post-financial crisis at international and European levels to create transnational governance structures and oversight processes for IFAC and IAASB to safeguard the public interest and to enable the adoption of ISAs in the EU. The result has been the creation of linkages at international, regional and national levels involving a wide range of private, professional and public actors.
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