PracticeAccounting FirmsEC urged to stay out of Sarbanes-Oxley dogfight

EC urged to stay out of Sarbanes-Oxley dogfight

Peter Wyman, president of the ICAEW, has urged the European Commission to leave it to national governments to try and win concessions from tough US corporate governance laws.

Link: Bolkestein lambasts Sarbanes-Oxley

A report in today’s FT said Wyman believed individual countries should be able to negotiate concessions with the Securities & Exchange Commission, and said political pressure would prevent the US granting a blanket concession for all firms in the European Union.

Under proposal. the US plans to force all firms that audit UK companies to list with the new accountancy watchdog, the Public Accounting Oversight Board, and thus be under its scrutiny.

The UK has argued that its corporate governance laws and accounting standards already meet the principles set out in the Sarbanes-Oxley Act, which was hastily established following the accounting scandals of Enron and WorldCom.

Efforts by the EC to win a blanket exemption have been hurt by the recent accounting scandal at Dutch grocer Ahold.

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

4d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

7d Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

3w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman