PracticeAuditFEE call for US-style audit body in Europe

FEE call for US-style audit body in Europe

European lobby group, the Federation des Experts Comptables Europeens, has called for the establishment of a cross-border European Union audit watchdog, similar to the recently established body in the US.

link: FEE steps up workload

FEE said such a body would oversee audit standards across the 15 member states, in the manner of the US Public Company Accounting Oversight Board, and ensure that US-style business scandals were avoided, the FT reported.

It follows the recent accounting scandal at Dutch supermarket giant Ahold, which has seen the Netherlands dump self-regulation, transferring this power to its chief securities regulator.

David Devlin, president of FEE, said: ‘Robust, public oversight ensures that the public can have confidence that the audit profession is committed to working in the public interest at the required highest level of quality.’

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