European Commissioner Charlie McCreevy has vowed to look into the merits of limiting auditor liability and whether it should be backed at European Union level.
The commissioner for internal markets and services at the European Union said that he ‘can see the arguments in favour of backing it at an EU level’.
Such fundamental changes would be unlikely to make it into the eighth company law directive, however. ‘We cannot threaten the adoption of the directive’ said McCreevy. He promised to ‘work to see what can be done’.
McCreevy also backed calls for the convergence of global accounting standards. ‘Surely, the time has come to converge between US GAAP and international standards and so reduce costs,’ he said. ‘It would be a serious step forward. A clear plan is necessary and there should be a timeframe.’
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