PracticeAuditBolkestein admits link to Sarbanes

Bolkestein admits link to Sarbanes

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.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor