Independent audit regulators from 27 European countries have launched a common database to collect and exchange their findings from the inspections of audit firms in an attempt to establish common approaches to addressing any deficiencies.

The database, which will not be made publically available, is the work of the European Audit Inspection Group (EAIG) which was established in 2011 to provide a pan-European platform for audit regulators, including the Financial Reporting Council (FRC) to work together. It will contain inspection findings in relation to the ten largest European networks of audit firms (PwC, KPMG, Deloitte, EY, BDO, Grant Thornton, Nexia, Baker Tilly, Mazars, Moore Stephens).

EAIG will use the database to identify common issues in relation to particular networks or the application of particular standards by audit firms in practice. These will then be taken up by EAIG with the networks, the audit profession at large and standard setters such as the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board (IESBA).