In its response to Commissioner Albuquerque’s speech on audit and oversight reform, EFAA welcomes the European Commission’s commitment to strengthening audit quality and public trust across the EU.
The response underlines the essential role of audits in supporting confidence in financial reporting and highlights the need for a robust and forward-looking audit framework that serves the public interest.
EFAA emphasises the importance of proportionality in future reforms, calling for a clear distinction between Public Interest Entities (PIEs) and SMEs, and cautioning against “one-size-fits-all” regulatory approaches that may disproportionately impact SMPs.
It also stresses the need for meaningful consultation with SMPs, SME auditors, and Professional Accountancy Organisations (PAOs) to ensure that any new oversight arrangements are practical, effective, and aligned with the realities of the SME audit market.
The EFAA position paper is available here.