green_paper_audit_en - EN EN EN EUROPEAN COMMISSION...

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EN EN EUROPEAN COMMISSION Brussels, 13.10.2010 COM(2010) 561 final GREEN PAPER Audit Policy: Lessons from the Crisis (Text with EEA Relevance)
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EN 2 EN TABLE OF CONTENTS 1. Introduction. ................................................................................................................. 3 2. Role of the Auditor. ...................................................................................................... 6 2.1. Communication by auditors to stakeholders. ............................................................... 7 2.2. International Standards on Auditing (ISAs). ................................................................ 9 3. Governance and Independence of Audit Firms. ......................................................... 10 4. Supervision. ................................................................................................................ 14 5. Concentration and market structure . .......................................................................... 15 6. Creation of a European market . ................................................................................. 17 7. Simplification: Small and Medium Sized Enterprises and Practitioners . .................. 18 7.1. Small and Medium Sized Enterprises (SMEs). .......................................................... 18 7.2. Small and Medium Sized Practitioners (SMPs). ........................................................ 19 8. International co-operation. ......................................................................................... 19 9. Next steps. .................................................................................................................. 21
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EN 3 EN GREEN PAPER Audit Policy: Lessons from the Crisis (Text with EEA Relevance) 1. I NTRODUCTION The measures adopted both in Europe and elsewhere in the direct aftermath of the financial crisis have focussed on the urgent need to stabilise the financial system 1 . While the role played by banks, hedge funds, rating agencies, supervisors or central banks has been questioned and analysed in depth in many instances, limited attention has been given so far to how the audit function could be enhanced in order to contribute to increased financial stability. The fact that numerous banks revealed huge losses from 2007 to 2009 on the positions they had held both on and off balance sheet raises not only the question of how auditors could give clean audit reports to their clients for those periods 2 but also about the suitability and adequacy of the current legislative framework. It seems thus appropriate that both the role of the audit as well as the scope of audit are further discussed and scrutinised in the general context of financial market regulatory reform. The Commission is keen to assume leadership at the international level on this debate and will
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This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

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green_paper_audit_en - EN EN EN EUROPEAN COMMISSION...

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