Nexia responds to EC Green Paper on Audit Policy

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Nexia International welcomes the development of the European Commission's Green Paper “Audit Policy: Lessons from the Crisis” and the opportunity to contribute to that debate.

We believe it is fundamental that the role of the auditor is acknowledged and understood by all stakeholders in global capital markets and that there is greater transparency. We also support the recognition by the Green Paper of the distinction between large listed and systemic risk companies on the one hand and mid-market and smaller companies on the other.

At the same time we consider there is room for enhancement of audit quality – which will be achieved only if the future direction of the audit profession is based on a framework for audit delivery which is attractive professionally and financially, taking into account both risk and reward.

Nexia International has produced a positioning paper to summarise our response to the Green Paper. Mike Bishop (Chairman, Europe, Middle East & Africa region) comments:

“As one of the largest global accounting networks, we are well placed to provide insight into the global audit profession and equally well placed to put forward practical, workable ideas to address some of the concerns raised in the Green Paper.

We have consulted widely within our network in formulating our response and we are keen and ready to work with the European Commission and with the Regulators to seek practical ways in which trust can be restored to the global audit profession”.

For a copy of our formal response, click here