CBI comments on EU audit market reform adoption
4 Apr 2014 03:40 PM
The CBI commented on a vote in the
European Parliament that passed the audit market reform
package
Matthew Fell, CBI Director for Competitive Markets,
said:
"High-quality independent audits play an important
role in building trust in business.
"The move to a combined ten-year tendering and
twenty-year rotation framework is a sensible shift from initial proposals and
will prompt companies to test the market and consider a new
auditor.
"We have continuously highlighted that a blanket
ban on auditors providing non-audit services to their clients would lead to a
loss of expertise and advice, so we’re pleased the reforms only exclude a
specific list of services.
"The UK Government now needs to bring these
proposals together at a national level, along with the recommendations from the
Competition Authority, so UK firms know where they
stand."