Scheduled topics of discussion at the conference were improving the European audit market, the role of the statutory audit, and the accumulation of systemic risk in the audit market, among others.

The EC's conference followed its October publication of a report, "Audit Policy: Lessons from the Crisis." The paper notes that while much attention had been paid to the role in the crisis of banks, hedge fund, and rating agencies, not nearly enough focus had been put on the ways in which "the audit function could be enhanced in order to contribute to increased financial stability."

The statement by the firms noted that, "We all have a responsibility to learn from the recent financial crisis and to accept that 'no change' is not an option for any of us, however uncomfortable that might be."

The letter also stated that in order to create a "truly integrated EU single market in audit services," a number of steps were needed. These include initiatives that would allow audit firms to be registered and supervised on a pan-European basis, and auditors to work across borders. Another step would be the adoption of International Standards on Auditing, a goal of the .

In addition, the letter advocates for greater competition in the audit market. Among the steps the signatories support are a prohibition of contractual clauses that would favor the four dominant audit firms (presumably Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PwC); regular re-assessment of each company's current audit firm by audit committees and shareholders; and a global assessment of significant mergers or acquisitions by the dominant audit firms.