RegulationCorporate GovernanceUK praised for reforms

UK praised for reforms

EC calls on EU countries to liberalise accountancy, but praises Britain

The European Commission has called on EU countries to further liberalise
accountancy and other professions, although a detailed report praises Britain
for its reforms.

The UK ‘is making good progress’ across the board in fighting restrictive
practices, regarding profession entry, fees and advertising, along with Denmark
and the Netherlands. By contrast, France and Germany have made only ‘minor
reforms’ with ongoing analysis being undertaken.

Liberalisation reforms whatsoever have yet been made in Belgium and Italy,
said the commission. Looking specifically at accounting, Greece and Portugal
still have fixed fees for statutory audits, whilst Italian public accountants
must operate under minimum and maximum fee rules.

Across Europe, the commission is concerned about regulations restricting ‘the
ownership structure of professional services companies’, for instance limiting
collaboration with different professions.

‘These regulations might inhibit lawyers and accountants from providing
integrated legal and accountancy advice for tax issues… or one-stop shops for
professional services in rural areas,’ said the commission’s policy paper.

Related Articles

Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

3m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

1y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

1y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

1y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter
Standard Life Investments opposes EY's appointment as Shell auditors at AGM

Accounting Firms Standard Life Investments opposes EY's appointment as Shell auditors at AGM

2y Richard Crump, Writer