Tag Archives: European Commission

IFAC Responds to EC Proposed Legislation

State Board Report January 2012 The International Federation of Accountants (IFAC) has offered some support and some objections to the European Commission’s proposed legislation announced on November 30 (see sbr 12/11). IFAC maintains that a number of the proposals in the legislation were not widely supported by the responses received to the EC’s “Green Paper…

EC Adopts Proposal for a Single Audit Market

State Board Report December 2011 The European Commission on November 30 adopted proposals that would: mandate the rotation of audit firms after a maximum of six years, prohibit audit firms from providing non-audit services to their audit clients, and create a single market for statutory audit services by introducing a European passport for the audit…