European Commission
Barnier

Restoring confidence in financial statements: the European Commission aims at a higher quality, dynamic and open audit market

30/11/2011

The 2008 financial crisis highlighted considerable shortcomings in the European audit system. The proposals adopted today by the European Commission address the current weaknesses in the EU audit market, by eliminating conflicts of interest, ensuring independence and robust supervision and by facilitating more diversity in what is an overly concentrated market, especially at the top-end.

• Press release
• Frequently asked questions
• Statement by Commissioner Barnier [12 KB]
• Technical briefing by Claire Bury, Acting Director "Capital and Companies"
     
• Proposals:
  • Regulation to increase the quality of audits of financial statements of public-interest entities (Provisional version. The final text will be available soon)
  • Directive to enhance the single market for statutory audits (Provisional version. The final text will be available soon)
     
• Impact Assessment
  • Summary (Provisional version. The final text will be available soon)
  • Full text (Provisional version. The final text will be available soon)
      
• Study on the effects of the implementation of the "acquis" on statutory audits of annual and consolidated accounts including the consequences on the audit market

 
See also:

• Video: Financial system reform: towards sounder auditing