Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-335-000"
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"en.20110913.34.2-335-000"2
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"The financial crisis proved, apart from anything else, the inadequacy of the corrupt auditing mechanism and the inability of auditors to perform their auditing and social role properly, thereby basically becoming a cause and an element of the crisis. I abstained in the vote on this particular report because, although it identifies certain basic weaknesses in the auditing mechanism, such as conflicts of interests in the sector, the need for independent auditors and the high market concentration between the Big Four audit firms, it has failed to formulate an appropriate framework for addressing them. It simply proposes the use of certain regulatory instruments within the existing economic system, the main line of approach of which is to defend the interests of the markets, not the interests of the people of Europe. The role of audit policy is primarily a social role and it should be integrated within a more general socio-economic framework that protects and safeguards it. We need an effective, high-quality system for the auditing of accounts, the aim of which is to defend democracy, transparency and the prosperity of European citizens."@en1
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