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Parliament brings the audit reform to its final stages


03 Apr 2014


Euro & Finance
ACCA (the Association of Chartered Certified Accountants) welcomes the endorsement of the audit package by the European Parliament.

Sue Almond, external affairs director at ACCA, says: “ACCA congratulates the effort to increase audit quality and re-establish investor confidence in financial information. The long-running EU audit debate has resulted in a highly complex legislative package that will have far-reaching consequences in improving transparency and accountability”.

Sue Almond adds: “The final position is a balanced compromise that will enhance the functioning of the single market and stimulate economic growth. Promoting auditors’ independence, objectivity and healthy competition is a pivotal element in restoring public trust in the audit, and in the auditing profession.”

“ACCA is pleased with the adoption of high-quality global standards, including International Standards on Auditing (ISAs), and welcomes the concept as a way to enhance value from the audit. We support increased transparency by the Audit Committee of its policy for audit tendering and the rationale for change. We believe that the Audit Committee is best placed to determine the most appropriate provider to deliver specific non-audit services, assess the independence of an auditor and to make appropriate recommendations,” explains Sue Almond.

“ACCA is keen to see the debate on audit refocus on a higher level, especially the value of audit and its broader societal contribution. We think it is critical to take into consideration the needs of business and investors across the EU and the practical impact the reform package will have on them. The challenge of this legislation now is a consistent application in member states. It is important for this to be done in a way that there is no gold-plating and it does not impose unnecessary burdens on business,” concludes Sue Almond. 



For more information, please contact:

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Notes to Editors

  1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
  2. We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
  3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.