pan-European regulator gains momentum
The German audit profession has backed a European Commission drive to create a pan-European accountancy regulator.
The German audit profession has backed a European Commission drive to create a pan-European accountancy regulator.
Link: EC set to launch audit watchdog
German officials feel that the body would force the US to back away from any plans to extend the new US accountancy oversight board’s jurisdiction to non-US audit firms.
The Institut der Wirtschaftspruefer represents 85% of public auditors in Germany. It envisages a European public company accounting oversight board, with five members approved by the EC.
The board will register all European audit firms, review the quality of oversight in EU states and file suits against national oversight bodies if necessary.
The move follows Accountancy Age reports that the EC has been considering such a move for some time. At an ICAEW conference in Bruges two weeks ago, Karel van Hulle, head of financial reporting and company law at the EC’s internal markets directorate, said proposals on regulation of audit had been tabled for discussion.
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article