THE EUROPEAN UNION’S audit reforms do not go far enough to make any substantial impact on the market, according to Accountancy Age readers.
Of the 100 readers surveyed, 65 felt the EU’s reforms would not go far enough, with the remaining 35 expressing satisfaction with the changes.
In December, EU member states voted unanimously in favour of reforms that will see listed companies tender their audit every ten years and change their auditor every 20, while auditors have been banned from offering certain non-audit services to their clients.
A framework of EU audit reform was preliminarily agreed during the final trilogue discussion between the Lithuanian EU Council presidency and the European Parliament, which will see companies forced to change their auditors every ten years, with the possibility of audit tenures extended if certain criteria are met.
FRC to raise levies as government funding withdrawn
Latest FRC UK Corporate Governance Code update further restricts auditors in bid to minimise conflict of interest
Two PwC whistleblowers and journalist to stand trial over alleged leaking of corporate tax documents
The FRC's new disciplinary regime for public interest entities could see could see more frequent enforcement on more minor matters, write Taylor Wessing's Andrew Howell and Stephen Flaherty