Responding to the audit consultation launched by the European Commission, Michael Izza, ICAEW Chief Executive, said:
“This is a very wide-ranging consultation, and the Commission is taking a holistic approach in seeking input on three main pillars: audit, corporate governance and supervision, all of which are linked and interdependent.
“It raises many of the same issues which have surfaced during the UK’s efforts to reform audit and corporate governance, such as how much responsibility should fall on boards. This is to be expected as the UK and EU systems are still aligned. It will be interesting to see if the Commission comes to the same conclusions as the UK Government.
“This consultation is only the start of a longer process, so it still may be some time until we see any changes.”