Patrick de Cambourg’s interview on the European Audit Reform
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Patrick de Cambourg’s interview
Aiming to improve the overall quality of financial reporting, the key measures featured in the Regulation and the Directive are beneficial for investors, audited companies and the audit profession. Such measures include reinforcing the role of Audit Committees, promoting auditors independence by better defining non-audit services, creating a more transparent and fair appointment procedure of auditors and introducing an audit firm rotation system that recognizes the benefits of joint audit.
The Regulation and Directive will be applicable in all Member States in two years’ time (mid 2016) and will give life to a well-balanced reform that promotes transparency and market efficiency.
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Mazars welcomes European audit reform
Launched in 2010, the legislative process of the European Audit Reform reached an end as the new Regulation and the amended Directive were voted in by the European Parliament on April 3rd, 2014.This reform was adopted after an intense and fruitful debate between all interested stakeholders and market players applying different legislations and market practices.