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EU audit reforms insubstantial, say readers

THE EUROPEAN UNION’S audit reforms do not go far enough to make any substantial impact on the market, according to Accountancy Age readers.

Of the 100 readers surveyed, 65 felt the EU’s reforms would not go far enough, with the remaining 35 expressing satisfaction with the changes.

In December, EU member states voted unanimously in favour of reforms that will see listed companies tender their audit every ten years and change their auditor every 20, while auditors have been banned from offering certain non-audit services to their clients.

A framework of EU audit reform was preliminarily agreed during the final trilogue discussion between the Lithuanian EU Council presidency and the European Parliament, which will see companies forced to change their auditors every ten years, with the possibility of audit tenures extended if certain criteria are met.

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