The European Commission has proposed tough new auditing standards in order to prevent future accounting scandals.
The proposals include:
EU member states must establish “more robust” oversight boards, similar to the US Public Company Accounting Oversight Board.
Audit firms from outside the EU must register in each EU state where they do business, just as foreign firms will soon have to register in the US.
The group auditor for an EU company must review the work of other auditors and take full responsibility for the company’s consolidated accounts.
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