PracticeConsultingEC pushes for stronger audit controls

EC pushes for stronger audit controls

In a move aimed at improving the efficiency of EU capital markets, the European Commission has called on its member countries to guarantee the independence of their external auditors.

The EC was expected to recommend minimum quality requirements, which would force member countries to improve their monitoring of external accountants and forms part of an overall goal of improving the financial information available in company financial statements.

The recommendations would assist in standardising the information contained in company statements across member countries, thus making comparisons easier, according to the Financial Times.

In a separate issue, the Commission proposed a new set of rules governing value added tax (VAT), which would cut out the red tape and make it easier to use electronic invoices. This move is aimed at standardising VAT invoicing across the EU and should make it easier for companies to accept electronic invoices.

At present, some member countries do not accept electronic invoices, while other such as Germany, require that they be backed up paper invoices.

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