The three EU institutions [European parliament, Council and Commission] have seen the wood for the trees and reached agreement over the societal role of auditors, the creation of a strong independent regime, and the encouragement of a more dynamic and competitive EU audit market. In January the Legal Affairs Committee voted in favour of the informal mandate reached in trilogues on the EU audit reform dossiers mandate. The European parliament is expected to follow suit in plenary, along with the national governments. The compromise at its heart builds on best practice from member states including audit retendering in the UK. The strength of the EU is that it can draw on the best work of its constituents. These developments contribute towards the enhancement of quality in financial reports and audits that can engender trust within the investor community, not only in the UK, but across Europe.
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