PracticeAuditFRC lashes out at new audit directive

FRC lashes out at new audit directive

Paul Boyle cites fears over workload from inspecting foreign auditors

The Financial Reporting Council has expressed concerns over new rules coming
out of Europe that would require it to oversee the audits of non-EU companies
listed in the UK.

Chief executive Paul Boyle said that the EU audit directive, which comes into
force in 2008, will place a significant extra burden on the regulator and, at
the moment, he was ‘not sure what we are going to do’, according to the
Financial Times.

The directive requires that the auditors of non-Eu companies listed in the
UK, or any other EU country, register with a European audit regulator and will
then face regular inspections from that regulator.

There are currently 229 non-EU companies listed on the London Stock
Exchange’s main market, however AIM listed companies will be exempt from the
requirements.

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