Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-03-11-Speech-1-077"
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"en.20020311.6.1-077"2
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"Mr President, ladies and gentlemen, I would just like to start by thanking both the rapporteurs most warmly for the way that their approach to this topic, one that has thrown up many problems in this House, has been marked by a great willingness to compromise. The Commission's original proposal aimed, more or less, at the transfer of all the competences for IAS rules outside this House in the guise of a general authorisation, thus letting decisions be taken by other institutions and private international bodies. This was something about which many in this House had great misgivings. I am, then, very happy that it has been possible to travel along the track laid down by the von Wogau report in the form of proposals on the Lamfalussy reports, and find here a solution and a genuine compromise which, on the one hand, makes use of the opportunities offered by IASs, whilst on the other, though, the maintenance of Parliament's rights is also guaranteed. I can only say that I welcome that inordinately.
I also wish the Commissioner the best of luck on his forthcoming trip to America and his talks with the Securities and Exchange Commission on how the Americans use IASs. It would be a great relief to our enterprises, and also a great step forward, if he were to succeed in getting the Americans, too, to accept IASs. Such occurrences as Flow Tech, Holzmann, or, most recently in America, Enron, make one thing clear, one thing that I will give the Commissioner to think about on the journey: I believe that even if we decide on IASs in this form, there is still a very great deal left to be done in the auditing field. I do not believe it can be right that there should be a few major international firms that, on the one hand, do highly intensive consultancy work and, on the other, themselves audit what they have advised the enterprise to do.
I think that what is necessary here – and this is one of the lessons that, for example, the Bush administration in America has learned – is further legislation to ensure that consultants do not audit and that auditors cannot be consultants to the same company. My plea to the Commission is that they do some thinking along these lines and approach Parliament with early and definite proposals, so that the financial markets really do improve and become safer."@en1
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