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EU Members Sued for Lack of Audit Reform

Global Glimpses | June 26, 2009

The European Commission has started legal action against four of its member states for failing to implement a directive aimed at bolstering the quality of auditing and accounting in the trading bloc.

The four countries in the firing line are Austria, Ireland, Italy, and Spain. The Commission said in a statement that they had failed to transfer Europe’s Statutory Audit Directive into national law.

The Directive is a response to past corporate scandals. It requires member states to create independent oversight bodies to monitor their national audit professions. It also clarifies the duties of external auditors and sets out a number of ethical principles to ensure the independence and objectivity of their work.

Member states...

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