Michel Barnier: Auditors Need EU Wide Scrutiny
The EU’s internal market commissioner thinks national oversight isn’t enough in a globalised world…
And following Lehman’s collapse, supervision should be on an EU-wide basis.
Michel Barnier said in a statement yesterday.
“This conviction is reinforced by the questions recently raised in the context of the audit of the accounts of the American bank Lehman Brothers.”
“While the large audit firms have centralised their management and decision-making structures at European level, their supervision continues to be done on a national basis,” Barnier said.
“It is time to launch the debate and work towards the reinforcement of the supervision of audit firms at European level,”
But Jeremy Newman, chief executive of BDO thinks that ideally regulation should be at the global level.
One step at a time now…
