The Directive 2006/43/EC establishes a framework for the statutory audit of annual and consolidated accounts across the European Union. It aims to harmonise audit requirements, enhance auditor independence, and implement stringent ethical standards for statutory auditors. Member States are permitted to impose additional requirements beyond the Directive's provisions but must ensure these do not conflict with established international auditing standards. The Directive also mandates that a public register of approved auditors and audit firms be maintained to foster transparency and public confidence in the auditing profession.

Moreover, it underscores the need for regular quality assurance reviews of auditors and audit firms and sets out mechanisms for public oversight and cooperation among Member States. This includes the establishment of audit committees in public-interest entities, which are required to monitor the effectiveness of internal controls and the auditing process itself, thereby enhancing the integrity of financial reporting.