A meeting of Working Group “Company Law” to the Council of the European Union was held on May 2^nd 2012 in Brussels. It was presided by the Danish delegation and was attended by officials of the “Audit Policy” Department of Directorate General “Internal Market and Services” of the European Commission.

The meeting continued with the adopted approach from the last meeting – the delegations presented their views and positions on the provisions of the Proposal for a Regulation of the European Parliament and the Council on specific requirements regarding the statutory audit of public-interest entities related to some specific aspects of the information which should be included in the audit report. Under these requirements the auditor is obliged to indicate in his/her report the main risk areas of material misstatement in the annual financial statements, the level of materiality, the used approach, the evaluation of the entity’s internal control system, the going concern principle, as well as what part of the balance was directly verified.