ACCA (the Association of Chartered Certified Accountants) Welcomes the Audit Reforms Endorsements Approved by the European Parliament
According to the external affairs director of the Association of Chartered Certified Accountants, Sue Almond, ACCA congratulates the new efforts from European parliament to re-establish the investor’s confidence through new audit policy. The new regulation debated for a long time in the parliament and finally the parliament comes with the new rule that has long term effects on accounting in order to improve the transparency and accountability.
She also added: the final outcome is balanced that perfectly enhances the single market and economic growth. Additionally, it gives the complete freedom to the auditors and ensures a healthy competition to re-establish the public’s trust in audit, auditing process and the audit profession.
She further explains: ACCA is ready to accept the high-quality auditing standards including International Standards on Auditing (ISAs) and congratulates the concept where the auditing standards enhance the value of the entire auditing process. ACCA supports the increased transparency recommended by the Audit Committee to find out the best auditing service provider through a tendering process. She clarifies the audit committee’s role again: Audit Committee is responsible for providing specific non-audit services, assessing other auditing processess and finally recommending the best practices.
Finally, Sue added: ACCA is eager to know the feedbacks from discussion about an audit refocus on a higher level and its effect on broader aspects regarding social contribution. ACCA thinks that the audit reform package ensures a great impact on business and investors across the European Union as well as global business. Surprisingly, the new regulation now takes its place and becomes a consistent application in member states. She lastly clarifies that the new regulation must not create burdens to the business for the sake of auditing.