More NewsEight directive gets parliamentary thumbs-up

Eight directive gets parliamentary thumbs-up

Europe's Sarbanes-Oxley clears first hurdle, with European committee of finance ministers the next to consider the directive

The European parliament has approved the Eighth Company Law Directive.

Dubbed as Europe’s answer to Sarbanes-Oxley, the directive sets out
requirements on auditors including the publication by auditors of an annual
transparency report, a requirement for audit partners to be rotated at least
every five years and quality assurance reporting for audit committees and
management.

ECOFIN, the committee of all 25 European finance ministers, will now have to
approve the directive before it can become law.

David Devlin, president of the Fédération des Experts Comptables Européens,
the representative organisation of the accountancy profession in Europe, said:
‘The accountancy profession welcomes today’s decision of the European
parliament. The reforms are supportive of high quality audit and will drive the
further harmonisation of audit practice.’

‘The accountancy profession particularly welcomes proposals on key issues
such as application of international standards on auditing (ISAs), quality
assurance, audit committees and new arrangements for public oversight of the
profession which underpin audit quality in the EU,’ Devlin added.

Related Articles

Amazon UK halves its corporation tax bill despite increased turnover

More News Amazon UK halves its corporation tax bill despite increased turnover

4m Alia Shoaib, Reporter
Increase in UK business confidence despite Brexit, according to ICAEW

More News Increase in UK business confidence despite Brexit, according to ICAEW

7m Alia Shoaib, Reporter
Live blog: Spring Budget 2017

Corporate Tax Live blog: Spring Budget 2017

9m Accountancy Age editorial
The Curious Incident of the Insolvency Sector in the Light of Economic Turbulence

Insolvency The Curious Incident of the Insolvency Sector in the Light of Economic Turbulence

11m Accountancy Age editorial
Leonard Curtis called in as administrators for builders Boshers

Legal Leonard Curtis called in as administrators for builders Boshers

11m Stephanie Wix, Writer
New Year Honours of 2017

Accounting Standards New Year Honours of 2017

11m Stephanie Wix, Writer
"Not enough time" to implement MTD by 2018, says Tyrie

Corporate Tax "Not enough time" to implement MTD by 2018, says Tyrie

1y Stephanie Wix, Writer
Colin: A spoonful of investment...

Governance Colin: A spoonful of investment...

1y Stephanie Wix, Writer