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The financial outlook for the High Council of statutory auditing

COUR DES COMPTES

The financial outlook for the High Council of statutory auditing, flash auditThe high council of statutory auditing (Haut Conseil du commissariat aux comptes, H3C) is an independent public authority that became an oversight authority following the order of 17 March 2016 transposing the European audit reform. The statutory auditor (SA) profession in France includes nearly 18,000 SAs, in a market where the five largest firms dominate. The H3C is funded by membership fees, which constitute the bulk of its income (€17m in 2021) and ensure its financial independence. However, it registered two consecutive loss-making years in 2019 and 2020. This report is the result of a flash audit conducted following the Court’s in-depth audit of the H3C in 2019. It focuses on the matter of the H3C’s financial position and the alignment of its expenditure and resources with the authority’s new regulatory missions.