Statutory Audits in Europe: Latest Reforms and Future Challenges

The European Commission (EC) promoted the preparation of reports on audit policy to support a harmonisation process of European auditing regulation. The European Union (EU) Audit Regulation and Directive was implemented from 2016. This book examines the impact of EU reforms on audit practices by comparing the UK and Italy, offering insight into how standardising audit regulation may lead to different organisational firm responses. It addresses issues related to public policy work, audit quality, communication, capital market stability, and auditor independence. The book encourages a deeper awareness of the challenges faced by those monitoring and certifying the financial statements of large public companies and contributes to the general understanding of this controversial industry.

Format: Hardback
Length: 145 pages
Publication date: 10 March 2023
Publisher: Taylor & Francis Ltd

In the wake of the Global Financial Crisis, a series of corporate collapses, accounting scandals, and concerns surrounding competition and auditor choice prompted the European Commission (EC) to initiate the preparation of various reports on audit policy aimed at fostering harmonization in European auditing regulation. As a result, the European Union (EU) Audit Regulation and Directive were implemented in 2016. This comprehensive book offers a timely and insightful examination of the audit sector and its response to regulatory and technological challenges. By comparing the UK and Italy, two countries with distinct regulatory and cultural contexts, the book sheds light on how the efforts to standardize audit regulation may yield diverse organizational and firm responses within Europe. It delves into issues related to public policy work, the market for audit and assurance services, the promotion of audit quality, enhanced communication about the role of auditors, stability in the capital market, and auditor independence. Furthermore, the book highlights the potential future of auditing in the EU, particularly in the context of the UK's departure, and the ongoing struggle faced by the accounting profession to meet public expectations amidst numerous challenges ahead. By fostering a deeper understanding of the challenges faced by those responsible for monitoring and certifying the financial statements of the world's largest public companies, this book contributes to the broader understanding of this contentious industry. It serves as a valuable resource for academics, research students, regulators, policymakers, standard setters, industry professionals, and business executives across the globe.

Weight: 368g
Dimension: 162 x 241 x 16 (mm)
ISBN-13: 9781032201733