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Finance & Accounting
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Finance and Accounting Table of Contents Review of the European Commission’s Proposal to introduce audit independence reform 3 Compulsory Audit Rotation 4 Limiting the fees charged by audit firms for non-services 6 References 8 Review of the European Commission’s Proposal to introduce audit independence reform Conformity with the audit standards is a requirement that every corporate business organization is supposed to follow…

Introduction

The quality and authenticity of audit report and compliance to the prescribed practices of audit standards has always been a subject of discussion in the corporate environment. Adherence to audit standards practice is necessary as it helps a corporate organization to lessen risks as well as optimize its business performance at the same time (Gray & Manson, 2007). Currently, the competitive business environment that prevail worldwide, calls for a rigid regulatory setting and compliance to audit standards norms, for businesses and the financial system to sustain in the long run. However, the European Commission considers the global economic depression during 2007-2009 had pointed out significant drawbacks in the audit system followed in the Europe. The Commission believes so because many financial organizations were found to have been given clean reports by their auditors, in spite of the fact that those institutions had grave financial health issues. As a result the European commission had proposed a number of reforms to improve the independence of the auditing profession (Murtagh, 2012). ...
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