What auditing standards are acceptable under Article 45 (5) (d) of Directive 2006/43/EC

Article 45 (5) (d) of Directive 2006/43/EC requires the relevant audits to be carried out in accordance with international auditing standards as adopted in the EU in accordance with Article 26 of the Directive or with equivalent standards. To date the EU has not adopted international auditing standards. In the meantime IAASA will accept the use of international standards on auditing (“ISAs”) or the International Standards on Auditing (Ireland). Where these are not used,  we will consider the basis of acceptability of the standards otherwise applied by the third country audit entity Acceptance of those standards is without prejudice to any decision by the EU either on the adoption of the international auditing standards or on the equivalence of third-country auditing standards.