The European Commission has put forward surprisingly daring proposals to reform the auditing industry. The Big Four firms may cavil. But advocates of a more robust and independent approach to the business of financial audits will offer two cheers.
Michel Barnier, Europe’s internal market commissioner, is right to say there is an urgent need to restore trust in the accounting profession in the aftermath of the global financial crisis.
Measures such as imposing a nine-year limit on auditors to a single company, and requiring joint audits for certain clients go some way to creating checks and balances. Critics who claim that joint audits merely push up cost or allow each auditor to shift responsibility should be dismissed.
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