Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-114"
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"en.20050926.15.1-114"2
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".
Mr President, ladies and gentlemen, I hope that the Auditors Directive will help to restore the confidence in year-end results and the operation of the markets that has been shattered by various scandals over various years. It might well give investors greater security – the security they once enjoyed – and make European businesses more competitive. If one compares the main points from the opinion I drafted for the Committee on Economic and Monetary Affairs and the final version that Mr Doorn, the rapporteur, presented us with after the troika negotiations, one sees that they overlap to a great degree, for example as regards rotation, the costs incurred by small and medium-sized businesses, and liability. I welcome the proposal that the Commission should produce a study on the liability issue by the end of 2006, and I agree with what Mr Schwab had to say about this.
I would have liked to hear a more positive message in relation to two other important matters, those being the establishment of an audit committee and the provision of additional non-audit services. The Committee on Economic and Monetary Affairs gave an enthusiastic welcome to the requirement that audit committees be set up and endorsed the Commission’s thinking. Taken as a whole, Mr Doorn’s report is a step in the right direction, and I am grateful to him for the work he has done as rapporteur. The vote we are about to hold is crucial to the successful completion of the fast-track procedure, and so the markets will soon get the signal they have been eagerly awaiting.
I am also glad that Mr Doorn, in his report, addresses the issue of comitology, although I would expect the date for the sunset clause to be 1 January rather than 1 April 2008.
It strikes me, though, that it will be difficult to accept the proposed approach to implementing International Standards on Auditing, known as IAS or ISA. Here, too, Parliament must hold fast to its right of callback. Although Mrs Wallis, my group’s shadow rapporteur on the lead Committee, recommends that we approve this report, I myself will be abstaining from voting by reason of the reservations I have already adduced."@en1
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