64. In accordance with Directive 2006/43/EC , where established, the audit committee should, inter …

In accordance with Directive 2006/43/EC²⁶ , where established, the audit committee should, inter alia:

• a. monitor the effectiveness of the institution ’s internal quality control and risk management systems and, where applicable, its internal audit function, with regard to the financial reporting of the audited institution, without breaching its independence;
• b. oversee the establishment of accounting policies by the institution;
• c. monitor the financial reporting process and submit recommendations aimed at ensuring its integrity;
• d. review and monitor the independence of the statutory auditors or the audit firms in accordance with Articles 22, 22a, 22b, 24a and 24b of Directive 2006/43/EU and Article 6 of Regulation (EU) No 537/2014²⁷ , and in particular the appropriateness of the provision of non-audit services to the audited institution in accordance with Article 5 of that regulation;
• e. monitor the statutory audit of the annual and consolidated financial statements, in particular its performance, taking into account any findings and conclusions by the competent authority pursuant to Article 26(6) of Regulation (EU) No 537/2014;
• f. be responsible for the procedure for the selection of external statutory auditor(s) or audit firm(s) and recommend for approval by the institution ’s competent body their appointment (in accordance with Article 16 of Regulation (EU) No 537/2014 except when Article 16(8) of Regulation (EU) No 537/2014 is applied), compensation and dismissal;
• g. review the audit scope and frequency of the statutory audit of annual or consolidated accounts;
• h. in accordance with Article 39(6)(a) of Directive 2006/43/EU, inform the administrative or supervisory body of the audited entity of the outcome of the statutory audit and explain how the statutory audit contributed to the integrity of financial reporting and what the role of the audit committee was in that process; and
• i. receive and take into account audit reports.

²⁶ Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (OJ L 157, 9.6.2006, p. 87), as last amended by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014.

²⁷ Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC (OJ L 158, 27.5.2014, p. 77).

1. Forbhreathnú

1.1 Tagairtí

• Article 22 Independence and objectivity
• Article 22a Employment by audited entities of former statutory auditors or of employees of statutory auditors or audit firms
• Article 22b Preparation for the statutory audit and assessment of threats to independence
• Article 24a Internal organisation of statutory auditors and audit firms
• Article 24b Organisation of the work
• Article 6 Preparation for the statutory audit and assessment of threats to independence
• Article 26 6.
• Article 16 Appointment of statutory auditors or audit firms
• Article 16 8.

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

3. Caighdeáin ghaolmhara

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/