Article 12(2) of Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities (PIEs) includes the requirement that an effective dialogue shall be established between the competent authorities supervising credit institutions, on the one hand, and the statutory auditor(s) and the audit firm(s) carrying out the statutory audit of those institutions, on the other hand.

The draft guidelines include seven principles and detailed guidance relating to the main elements of effective communication: the scope of information shared, the form of communication, the participants in communication, the frequency and timing of communication and the communication between competent authorities and auditors collectively. The consultation runs until 21 January 2016. A public hearing will take place at the EBA premises on 5 January 2016 from 10:00 to 12:00.