September 30, 2005
EU Follows Suit on Auditor Oversight
Europe is addressing a wide gap between the continents when it makes its move to oversee auditors. This is a good move. Fraud can be more easily prevented when auditors have a respectable distance from their clients.
See excerpt here:
EU Approves Auditor Oversight Rules
Brussels (Sept. 29, 2005) - The European Parliament approved the controversial Eighth Directive, a sweeping reform measure that mandates new oversight rules for auditors.
However, details of the legislation must still be settled in upcoming negotiations between Parliament and the European Union nations.
The directive will create a oversight board for European firms, similar to the Public Company Accounting Oversight Board in the United States.However, an earlier provision that would have forced every publicly traded company to appoint a special audit committee helmed by EU certified auditors was defeated.
Parliament also abandoned a plan to make firms rotate auditors a minimum of every seven years. For the complete article, click here.
To see how your company can cost effectively comply with Sarbanes-Oxley, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
See excerpt here:
EU Approves Auditor Oversight Rules
Brussels (Sept. 29, 2005) - The European Parliament approved the controversial Eighth Directive, a sweeping reform measure that mandates new oversight rules for auditors.
However, details of the legislation must still be settled in upcoming negotiations between Parliament and the European Union nations.
The directive will create a oversight board for European firms, similar to the Public Company Accounting Oversight Board in the United States.However, an earlier provision that would have forced every publicly traded company to appoint a special audit committee helmed by EU certified auditors was defeated.
Parliament also abandoned a plan to make firms rotate auditors a minimum of every seven years. For the complete article, click here.
To see how your company can cost effectively comply with Sarbanes-Oxley, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
