Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-113"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-09-26"^^xsd:date2
dcterms:Is Part Of	lp_eu:Statutory audit of annual accounts and consolidated accounts2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.20050926.15.1-113"2
lpv:hasSubsequent	lp_eu:2005-09-26-Speech-1-1142
lpv:speaker	lp:Antonio Masip Hidalgo2
lpv:spokenAs	member; PES (2004-07-20--2009-07-13)3,3 substitute; Delegation for relations with the countries of the Andean Community (2004-09-15--2007-03-13)3,3 member; Delegation for relations with the Palestinian Legislative Council (2004-09-15--2007-03-13)3,3 member; JURI (2004-07-21--2006-03-15)3,3 substitute; LIBE (2004-12-16--2006-03-15)3,3 unknown; Partido Socialista Obrero Español (2004-07-20--2009-07-13)3,3 substitute; Delegation to the Euro-Mediterranean Parliamentary Assembly (2004-09-15--2009-07-13)3,3
lpv:translated text	"Mr President, I believe that the proposal on auditing is a good example of cooperation amongst the different groups in the European Parliament and between Parliament and the other institutions: the Council and the Commission. The rapporteur has worked hard to involve us in the drawing up of the text and in his meetings with the Council and the Commission, so that this proposal may contribute to the homogenisation of European legislation in such an important field as auditing, which has caused so much concern amongst the public following the Enron and Parmalat scandals. In any event, it will be a minimal framework, for the time being maintaining the competence of the States in areas where they have greater capacity, experience and proximity for the purposes of carrying out inspections. Of the most controversial points in the European Commission’s proposal, I would like to place the emphasis on the rotation of firms, auditors and partners, with a view to reducing the possibility of conflicts of interest between the auditors and the audited. After much effort we have managed to open the way to the rotation of firms, and not just of partners, by allowing each State to adopt the rotation of auditing firms, that is to say, external rotation, as an alternative. Amendments have been accepted in the field of independence. I hope that they are shown to be useful in the future, since they guarantee the confidence that the markets require. The proposal maintains the same responsibility for auditors as for other professionals. I believe that equality of treatment and the security of citizens and clients should be guaranteed in this field. Nevertheless, I will confess that I have doubts about the capacity of the new legislation to stimulate an increase in the number of large auditing companies, thereby preventing the problems relating to the oligopoly characterising the sector, to which the Commissioner has referred. The Enron case put an end to Arthur Andersen and only four of the so-called big five were left. A further scandal leading to a loss of confidence in another large auditing firm could be fatal, not just for the company affected, but also for the stability of the system. From the outset, therefore, I have argued that it should not all be left to the auditing firms to control themselves and that we should support control by public authorities, since not only is the viability of a company at stake, but also the health of the financial system. I would like once again to congratulate Mr Doorn."@en1

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