PracticeAccounting FirmsDuplicative regulation could force job cuts

Duplicative regulation could force job cuts

Rick Bobrow, the global chief of Ernst & Young, has warned the threat of duplicative regulation from both the US and the EU could force the firm to make redundancies because of the costs incurred.

Link: EC to broker deal with SEC

His comments follow a long-running transatlantic dispute between the US Public Company Accounting Oversight Board and the European Commission.

Th PCAOB wants UK accountants that audit US companies to register with it and thus face strict new American rules, while the EC has threatened to do the same to US accountants working in the EU.

Bobrow told the FT: ‘It would be in our best interests, the profession’s best interests, for the regulatory bodies to work through their differences and come up with a structure we can live with and does not create redundancies for us.

‘We do not want the costs to our clients to go up from what may be duplicative regulation.’

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