On 12 December, EIOPA published a final report on the proposal for guidelines on facilitating an effective dialogue between competent authorities supervising insurance undertakings and statutory auditors and the audit firms carrying out the statutory audit of those undertakings. A public consultation on the guidelines adopted by the Board of Supervisors was commenced on 1 February 2016.
The report sets out the feedback received from stakeholders, the majority of whom supported EIOPA's approach to the requirement of the Audit Regulation. Two difficulties that the stakeholders had in understanding the guidelines were in relation to: the scope of the guidelines, e.g. what "statutory audit" entails or who are the parties of the dialogue; and the consistency with the corresponding EBA guidelines. The report sets out the final text of those guidelines which aim to resolve these issues.
The report contains an overview and summary of the main conclusions of the public consultation, including the full final impact assessment and the resolution of comments received during the public consultation.
The guidelines will become applicable on 31 May 2017.
A link to the guidelines is here.