4 Jul 2012

EU audit reform debate delay

The European Parliament has decided to defer scrutiny of Michel Barnier’s controversial audit reform proposals until later this year

This is because it is awaiting the initial findings of the UK Competition Commission’s investigation into concentration in the audit market, which is not due out until October.

The parliament’s two committees leading on audit reform – legal affairs and economic and monetary affairs – will not look to issue draft reports until autumn.

Sajjad Karim, chairman of the legal affairs committee, said the commission’s initial views would be "one of a number of factors" considered when designing the future of the EU audit market.

Julia Irvine