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EUROPEAN DEFENCE AGAINST CORPORATE SCANDAL - WALLIS
September 27, 2005 10:14 AM
Commenting on vote on Statutory Audits in the European Parliament, which aims to clarify the duties of auditors and audit firms in the wake of financial scandals, Liberal Democrat European legal affairs spokeswoman, Diana Wallis MEP said:
"This is an important step to increasing the quality of auditing and restoring public trust following recent corporate scandals, such as Parlamat and Enron."
"Companies will now be forced to rotate the partner in charge of auditing their books every seven years, and places some curbs on the non-audit work without introducing an unnecessary administrative burden."
"Plans to force companies to set up a separate audit committee were scrapped but MEPs successfully argued to, allow Member States to, introduce audit committees for all publicly listed companies to supervise financial procedures."
"Attempts to cap on auditor's liability were resisted by MEPs and the Commission has been asked study this issue."
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