AUDITORS SHOULD HAVE STRONGER ROLE IN BENCHMARK SETTING – EU PUBLIC CONSULTATION TOLD
February 1st, 2013
AUDITORS and accountants should be more involved in setting market benchmarks that help decide interest rates and other financial indices, such as the much maligned Euribor rate, say responses to a European Commission public consultation on efforts to reform these systems. A summary said there was “general agreement on the need for more thorough audits and controls [for] ensuring the integrity of benchmarks”, albeit at a “contributor and provider level”. Brussels said independent “external audits of contributions, calculation and benchmark production ...
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