Mid-tier chiefs urge EU to hold nerve on audit reform

by Accountancy Age Staff

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28 Nov 2011

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MID-TIER FIRMS' international chiefs have issued a joint plea for radical reform of the audit market.

The heads of BDO, Grant Thornton, Mazars and RSM International have asked European Union markets commissioner Michel Barnier (pictured) to maintain his stance for wide-sweeping changes to the audit market.

His plans to force through joint audits, mandatory rotation and split up the firms into "audit-only" are expected to be watered down, reports the Financial Times. After intense lobbying from the firms and other business representatives, Joint audit is likely to be dropped, while firms could be blocked from selling consultancy work to clients.

Grant Thornton International chief executive Ed Nusbaum said the early draft proposals were more favourable. "We believe that the proposals coming out of the commission benefit investors," he said.

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