EC calls for audit transparency

Link: Transatlantic audit battle rumbles on

In a statement due to be published by the EC, the Commission will argue the need to exercise adequate quality control over all the country partnerships of firms, with concerns raised that the degree of local autonomy in the country partnerships among Big Four firms was too strong.

The statement is also expected to hit out at American attempts to regulate European auditors who work for companies with a listing in the US and may also trigger the launch of an investigation into restrictions on firms offering non-audit services to audit clients.

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