Overview
The CEAOB is the framework for co-operation between national audit oversight bodies at EU level. Its role is to strengthen EU‑wide audit oversight, which is a key objective of the EU legislation on statutory audit that took effect on 17 June 2016. By facilitating supervisory convergence, the CEAOB contributes to the effective and consistent application of EU audit legislation throughout the EU.
Structure and governance
The CEAOB is composed of representatives of the national audit oversight bodies of the EU and the European Securities and Markets Authority (ESMA). The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), the representatives of the national audit authorities of the European Economic Area (EEA) from Iceland, Liechtenstein, and Norway, and the Audit Public Oversight Body of Ukraine (APOB) are observers.
Programs and offerings
The committee operates through several sub-groups including Equivalence and adequacy, International auditing standards, and Enforcement. It produces annual work plans, terms of reference for its sub-groups, and common audit inspection methodologies. The committee also issues guidelines, such as those on limited assurance on sustainability reporting, and provides comment letters and responses to international consultations regarding auditing standards and strategies.
