PracticeAuditAhold scandal threatens exemption from US rules

Ahold scandal threatens exemption from US rules

European lobbyists trying to get an exemption to US accountancy rules for non-US firms have been dealt a blow following the discovery of a $500m (£317m) black hole at Dutch super grocer Ahold.

Link: Ahold auditors stand by work

US regulators have said that the scandal strengthens its argument that non-US accountancy firms should register with the new accounting oversight board.

European Commission officials disagree, saying they do not want auditors to be under ‘two sets of rules’, the Financial Times reported. Frits Bolkestein, European financial services commissioner, is this week lobbying the Security and Exchange Commission.

ICAEW president Peter Wyman admitted that the Ahold debacle was ‘not helpful’ to the European campaign.

The Ahold debacle will also be bad news for the government – Melanie Johnson, the competition minister, is due to meet with the SEC to discuss the possibility of exemptions for UK audit firms to regulation by the oversight board.

Related Articles

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

6d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter