FRC chief attacks EU audit reforms

Kashflow logo
Share this content

The head of the UK's financial reporting watchdog warned that European Commission proposals to introduce mandatory joint audits and rotation of auditors risk “damaging” audit and making it more expensive without improving quality.

With the European Commission expected to publish its proposals to reform the audit market within the next few weeks, Stephen Haddrill, chief executive officer at the Financial Reporting Council told a London conference that it was concerned about some if the main reforms to audit that the Commission is expected to make.

“Many of [Barnier’s] proposals are extremely damaging to audit and could increase costs without improving quality,” Haddrill told an Ernst & Young conference on Monday.

His comments, which echo concerns of Big Four accounting firms and the ICAEW about the commission’s proposed audit reforms, are the most outspoken criticism yet from a financial regulator.

Please Login or Register to read the full article

The full article is available to registered members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

About Nick Huber

Nick Huber profile image

I’m a specialist business journalist and have a particular interest in tax and technology. 


Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.