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FEE Comment Letter’s Annex.pdf

McCreevy_090318_audit_firm_structure_Annex25520099142.pdf
Preview of FEE Comment Letter’s Annex
🔗 Source: accountancyeurope.eu
📊 Size: 101 KB
👤 Author: Olivier Boutellis-Taft
⬇️ Downloads: 90

Summary

FEE welcomes the European Commission's consultation on control structures in audit firms and their consequences on the audit market, recognizing the complexity of the issue and the need for a long-term approach. The organization believes that auditing is underpinned by ethics, quality, and public interest, and that solving liability issues is essential. FEE notes that the audit market is concentrated, particularly for large multinationals, but argues that this is a market issue rather than a regulatory one. The organization suggests that enabling multi-disciplinary practices could potentially increase the number of global players in the audit market. FEE also emphasizes the need for a consistent implementation of the Statutory Audit Directive to create a level playing field and facilitate the development of more audit providers with international capacity. Additionally, FEE recognizes the fragmentation of the audit market in Europe, resulting from national differences in legal frameworks, liability regimes, and regulatory frameworks, and suggests that regulators focus on areas where Member State implementation is inconsistent.

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Description

FEE welcomes the European Commission's consultation on control structures in audit firms and their consequences on the audit market, recognizing the complexity...

Technical Information

  • File Format: PDF
  • File Size: 101 KB
  • Pages: 14
  • Language: EN
  • Author: Olivier Boutellis-Taft
  • Total Downloads: 90
  • Last Updated: 6 days ago

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