Deloitte Audit Reform Briefing
The European Commission published proposed changes to audit regulations on 30 November 2011 (a year after its Green Paper Audit Policy Consultation). There is a lengthy and multi-layered review phase before any potential legislation is adopted; allowing for internal review by other EU institutions, and dialogue with stakeholders to inform the decision-making process.
This paper sets out:
- the background to, and a summary of, the EC’s proposals
- Deloitte’s perspective – our support for changes that demonstrate improvement in audit quality, but concern about those which will produce unintended negative consequences without tangible benefit
- Our view of the need for broader consideration of the future of audit, and the role of the auditor