European Union internal markets Commissioner Frits Bolkestein has admitted that the proposed directive on reforming Europe's audit oversight rules was tailored to dovetail with US regulations, as amended by the Sarbanes Oxley Act.
Link: Oracle offers help with Sarbanes-Oxley
Speaking at a Brussels power-breakfast with US Public Company Accounting Oversight Board chairman William McDonough, Bolkestein said his officials had reacted to Sarbanes-Oxley in a ‘constructive, cooperative way forward, jointly respecting to the maximum degree possible our different legal traditions and cultures’.
He added that with the newly proposed directive guiding cooperation between the EU and other countries on oversight, he was ‘expecting a PCAOB rule change in the near future on the procedures the PCAOB will follow with third countries’.
As a result, EU and US audit rules were now ‘quite convergent’, following the principles of independent public oversight, audit quality assurance, more frequent rotation and avoiding conflicts of interest.
Bolkestein added: ‘Although the potential for conflict remains, we have both worked out cooperative mechanisms to try to minimise this, mainly through regulator-to-regulator relationships.’
For more see www.europa.eu.int.
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