PracticeAuditpan-European regulator gains momentum

pan-European regulator gains momentum

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.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

1d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

6d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter