PracticeAuditFrance set to impose auditor restrictions

France set to impose auditor restrictions

Audit firms working in France are set to face tough new measures on auditor independence, which may severely restrict the type of work they can undertake in the future.

Link: KPMG battles French audit laws

The new rules, which are due to be debated today, are expected to place a ban on lucrative work such as tax planning, in a bid to reduce possible conflicts of interest.

Already, Big Four firm PricewaterhouseCoopers has hit out at the proposed new legislation on auditing.

PwC’s global head Sam DiPiazza was quoted in the Financial Times as saying the new rules ‘go a long way past what we think is a good idea for creating high quality audits’.

However, he did stress that his firm would comply with the French government’s requirements.

Believed to be amongst the toughest new auditing rules to be put in place, they will result in a new supervisory body called the ‘Haut Conseil du Commissariat aux Comptes’, which will draw up new rules on auditor independence

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

4d 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

1w 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

2m 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