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October 13, 2010 : Green Paper

Green paper of the European Commission. October 13, 2010 : Green Paper First step in the process to elaborate a law at European level : Discussion document open to public comments. May 2011 : Report to the parliament September 13, 2011 : European Parliament Resolution

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October 13, 2010 : Green Paper

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  1. Green paper of the European Commission • October 13, 2010 : Green Paper • First step in the process to elaborate a law at European level : Discussion document open to public comments. • May 2011 : Report to the parliament • September 13, 2011 : European Parliament Resolution • November 2011 : Draft legislation

  2. What were the objectives? • Open a discussion on : • Role of the auditor • Governance and independence of audit firms • Supervision of auditors • Configuration of the audit market • Creation of a European passport • Simplifications for SMEs / SMPs

  3. Parliament resolution in favor of • Independence of auditors reviewed by a public supervisory body independent of the profession • Impact assessment to be conducted on • External rotation • Voluntary joint audits

  4. Parliament resolution in favor of • Clear demarcation between audit services and NAS provided to an audit client • List of conditions • Internal and external audit services shall not be provided simultaneously • Ban of certain services • Pre approval by audit committee • Impact assessment of a cap on NAS

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