Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-12-Speech-1-168-000"
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"en.20110912.24.1-168-000"2
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"Madam President, Commissioner, numerous banks posted losses both on and off the balance sheet between 2007 and 2009, while still receiving a clean bill of health from the auditors. Auditors are appointed and paid by the audited companies themselves, something that naturally diminishes their independence. On top of this, liability privileges also apply in many European countries. Consequently, I would like to start by making it clear that the Commission has taken a step in the right direction with its Green Paper. This is absolutely essential if we are not just to address the issue of credit rating agencies that are worthy of criticism, but also the role of those auditors who have failed to perform their duties correctly.
I would like to mention one more aspect that I consider to be particularly important, namely external rotation. Again and again we are made aware of how important it is that courtesy audits should not be allowed to take place. This also requires external rotation at regular intervals."@en1
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