Pause for EU auditor regs
BRUSSELS – The need for regulatory pause is becoming something of a buzzword in the world of compliance – for example, the UK's Financial Services Authority acknowledged in early March the need to give businesses a break to absorb costs. Now in mid-March, EU recommendations are calling for a regulatory pause to allow a new approach to auditor independence to take hold.
"The principles-based approach to auditor independence as set out in the EU Recommendation on Independence is now widely used throughout Europe. It is important that there be a regulatory pause to allow this new approach to auditor independence time to prove its worth to users of audit reports," stated Federation des Experts Comptables Europeens (FEE) president David Devlin in mid-March in
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