International Standards on Auditing Insurance Core Principles and Methodology (2003)

The European Commission issued the communication, Reinforcing the Statutory audit in the European Union (COM/2003/286) on 21 May 2003 which identified the requirement to use ISAs for all EU statutory audits from 2005 onwards as a short term priority. The communication was issued with the press release Audit of company accounts: Commission sets out ten priorities to improve quality and protect investors .