2.1 Subject matter

These guidelines specify, in accordance with Article 12(2) of Regulation (EU) No 537/2014¹⁷ , the requirements for the establishment of effective dialogue between competent authorities supervising credit institutions (hereafter ‘competent authorities’ and ‘credit institutions’, respectively), on the one hand, and statutory auditor(s) and audit firm(s) carrying out the statutory audit of those institutions, on the other hand (hereafter ‘auditors’).

¹⁷ Regulation (EU) 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). 18 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

The objective of these guidelines is the facilitation of the task of supervision of credit institutions through promotion of effective communication between competent authorities and auditors.