Large auditing firms face restrictions on offering consulting services and may be forced to share work with smaller rivals under proposals from the European Commission.
Companies that are publicly traded "shall appoint at least two statutory auditors" under the measures, which are designed to improve trust in "the veracity of the financial statement," according to a draft version of the proposals from the European Union's executive arm obtained by Bloomberg News.
"Many of these ideas aren't new but we've never seen proposals that include all of these ideas at the same time," Michael Izza, the chief executive of the Institute of Chartered Accountants of England and Wales, said in a telephone interview today. "They've been aggregated in one place and that's where you get the big impact."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
