The European Banking Authority has issued a Consultation Paper concerning draft guidelines on the communication between competent authorities supervising credit institutions and statutory auditors of those institutions.

The draft guidelines include an underlying general framework that should underpin the communication between Member State competent authorities and auditors at all times. 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 Member State competent authorities and auditors collectively.

The deadline for comments on the consultation paper is 21 January 2016.

View EBA consults on communication between competent authorities supervising credit institutions and statutory auditors, 21 October 2015