Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-337-000"
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"en.20110913.34.2-337-000"2
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"The measures adopted both in Europe and elsewhere in the direct aftermath of the financial crisis have focused on the urgent need to stabilise the financial system. While the role played by banks, hedge funds, rating agencies, supervisors or central banks has been questioned and analysed in depth in many instances, limited attention has been given so far to how the audit function could be enhanced in order to contribute to increased financial stability. The fact that numerous banks revealed huge losses from 2007 to 2009 on the positions they had held both on and off balance sheet raises the question not only of how auditors could give clean audit reports to their clients for those periods, but also about the suitability and adequacy of the current legislative framework. It thus seems appropriate that both the role of the audit and its scope are further discussed and scrutinised in the general context of financial market regulatory reform. In this context, it is important to stress that auditors have an important role to play and are entrusted by law to conduct statutory audits.
This entrustment responds to the fulfilment of a societal role in offering an opinion on the truth and fairness of the financial statements of audited entities. The independence of auditors should thus be the bedrock of the auditing environment. At the same time, in my opinion, any market configuration should be accompanied by an effective supervisory system which is fully independent of the audit profession."@en1
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