Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-346-000"
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"en.20110913.34.2-346-000"2
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"The report on audit policy is a response to the Commission Green Paper on all aspects of the work of the audit industry in Europe.
From the outset of the work on this report, I was convinced that far-reaching restrictions on the work of the Big Four audit firms may also have adverse effects on the entire industry. I am pleased that the report did not become a witch-hunt and an attempt to find people whom we can blame for the current financial crisis. I think it is definitely more constructive to look for new standards of conducting audits and improve already existing ones than to cast most of the responsibility for the crash in the world’s financial markets on the work of audit firms.
I am pleased, too, that the report reflects the proposals of the audit industry. It is worth emphasising that these proposals were not always complimentary, and that the industry has itself felt the need to introduce certain changes. We should continue to lay emphasis on maintaining the independence of the people who conduct financial audits, and this is a challenge not only for auditors, but also for the supervisory boards of firms which are audited. I would also like to stress that the report presents a balanced and measured evaluation of the work of auditing firms, and also gives attention to the possibilities for the fuller development and greater market participation of smaller audit firms and for increasing their competitiveness."@en1
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