EU AUDIT DIRECTIVE
March 1st, 2004
BY KEITH NUTHALLTHE EUROPEAN Commission has avoided an outright ban on statutory auditors carrying out additional work for client companies, although proposals issued on Tuesday (16-3) insist on avoiding conflicts of interest. The tabled directive insists auditors or audit firms are "independent from the audited entity and not in any way involved in management decisions." Furthermore they should not conduct audits if any relationship or additional services "might compromise (their) independence." The comprehensive and detailed directive has been inspired by the ...
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