Further insights
Guidebook to the EAR
Our guidebook explores the baseline measures of the EAR and offers relevant insight into how to respond to the changes.
Fostering a secure market by creating a European Oversight System
InsightsLatest news and eventsThe EU Audit ReformAbout the reformThe primary measures introduced by the EAR
Creation of a European Oversight System
The EAR requires each Member State to designate a single Competent Authority to bear ultimate responsibility for the audit oversight system. In addition to national surveillance, coordination among Member States is supported by a new Committee of European Auditing Oversight Bodies (CEAOB).
The CEAOB is chaired by EU Member States. The European Securities and Markets Authority (ESMA) chairs all subgroups created for the purpose of assessing public oversight systems of third countries (non-EU states) or the international cooperation among Member States and third countries. The European Competition Network (ECN) monitors market quality, concentration and competition in collaboration with the national competent authorities.
The CEAOB facilitates discussion and coordination among the national competent authorities, the European Commission and third countries, and provides its expertise, best practices and technical knowledge to the European Commission and Member States.
To learn more about this newly created body and its responsibilities, please consult our Factsheet.
Further insights
What you need to know about joint audit
The recognition given to joint audit within the new regulation reinforces the idea that the system is a proven and valued option. As an expert on joint audit, we invite you to learn more about its concept, its methods and its associated benefits.