Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-341-750"
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"en.20110913.34.2-341-750"2
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"I welcome this Green Paper on audit policy. Irresponsible risk-taking decisions were amongst the core triggers of the financial crisis three years ago. Systemically important financial operators have shown inadequate risk management and control systems, and lessons need to be drawn on auditing policy and practice. Properly empowered audit committees and good-quality external auditing are cornerstones of economic stability, easy access to financing as well as market confidence in the accuracy of financial and risk reports. When auditing firms provide a company with services other than gauging its financial shape, conflicts of interest are liable to arise, compounding the fact that auditors are paid by the audited firm. Hence the importance of international standards on auditing, as well as ensuring good governance practices. Auditor independence is key to accurate financial reporting and we need to reflect upon the implications of unwarranted intimacy between auditors and the scrutinised companies, especially in a field dominated by four main providers. We need to consider the feasibility and impact of solutions such as external rotations, voluntary joint auditing undertakings. Moreover, a clear regulatory environment and standards can help smaller auditors thrive and diversify this area of public interest."@en1
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