Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-12-Speech-1-170-000"
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"en.20110912.24.1-170-000"2
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"Madam President, I would like to congratulate Mr Masip Hidalgo on guiding this report through the Legal Affairs Committee and on the excellent and productive collaboration with the ECON Committee, particularly on matters of competition in the audit sector.
We have worked collaboratively to recognise the specificities of audit in financial services, including communication between auditors and financial supervisors and regulators and the role of audit in systemically important financial institutions (SIFIs). We have raised the importance of audit committees in corporate governance matters and the conflicts of interest which may occur.
The report calls for further analysis of the costs and benefits to the companies who use audit, of compulsory tendering on a regular basis, and of the impact on competition, and costs, of introducing any form of compulsory joint audit. Increasing competition in the audit sector and improving audit quality had been the central themes of both committees, and I hope the Commission will take this on board when they produce the legislative text."@en1
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