Tag Archives: European Union

EU Committee Backs Rotation

State Board Report May 2013 Obligatory auditor rotation after 14 years, with a possible extension to 25 years if certain safeguards are met, is one of the recommendations approved by the European Parliament’s Committee on Legal Affairs on April 25. The Committee also voted in favor of prohibiting audit firms from offering non-audit services that…

Panelists Consider Firm Rotation

State Board Report July 2012 The Public Company Accounting Oversight Board's concept release considering mandatory audit firm rotation was the topic of panel sessions at the Eastern and Western Regional Meetings. "At the heart of the PCAOB's discussions is trying to raise audit quality – but at what cost?" asked Vice Chair Gaylen Hansen (CO).…

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…

IFRS East Breakout

April 27, 2009 During the past several years, the move toward a single set of high quality, globally accepted accounting standards has gained momentum. For example, in 2005 the European Union began requiring companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated financial statements in accordance…

AICPA Analysis of Comment Letters SECs Proposal

April 27, 2009 U.S. Uniform CPA for the first time in the UAE Registration begins in May and International Administration set for August 2011 During the past several years, the move toward a single set of high quality, globally accepted accounting standards has gained momentum. For example, in 2005 the European Union began requiring companies incorporated…

FEE Survey on the Network Firm Definitions Across Europe

October 2008 As the Statutory Audit Directive network definition and IFAC network firm definition have to be implemented in European Union Member States and by IFAC Member Bodies, FEE undertook to investigate how consistent definitions of networks and network firms currently are across Europe. FEE has therefore launched a second survey with its Member Bodies…