PracticeAuditEU heads meet over audit reform

EU heads meet over audit reform

EU heads in high-level meeting as audit reform row deepens

eu

The business lobby across the EU has been protesting vigorously

High-level talks between EU member states, EU commissioners and MEPs are
being held today in Brussels in an attempt to quell the growing row over company
audit reforms.

Link: Will
the EU boat float?

The business lobby across the EU has been protesting vigorously against the
EU Statutory Audit Directive, drafted in response to corporate governance
scandals. The directive is due to become law in two to three years, and
businesses are concerned that its requirement that every listed EU company must
have an audit committee is too rigid and will add to bureaucracy.

According to the Financial Times there are also fears that such
committees, which must have at least one independent member, would be given the
responsibility of monitoring the effectiveness of internal controls.

Business concerns are apparently also shared by the Financial Reporting
Council, which has made ‘representations’ in Brussels this week.

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