Big four fail in 'French Sarbox' bid
Firms rebuffed in attempt to have new restrictive laws overturned
The Big Four have failed in their bid to have a new French law imposing
Sarbox-like restrictions overturned.
A new code had been introduced preventing a firm from auditing a company’s
accounts if it had offered advisory services in the previous two years. With
companies in France being double audited, the move is set to cause chaos in the
French assurance market, the firms said.
The Conseil d’Etat rejected suggestions this week that the new code of ethics
was any more restrictive than a 2003 law that it stemmed from.