Business slams audit plans

The European Commission (EC)'s plans for new limits on the audit market have been angrily rejected by business groups and auditors.

Auditors will now be limited to six years working for a single company, at which point the contract will be put out for tender. Auditors will be barred from tendering to companies with which they have had a relationship in the last four years.

On the companies' side, the EC has proposed a ban only so-called 'big four only' clauses companies will be expected to invite tender from all auditors capable of successfully carrying out a statutory audit READ MORE

Released by ICSA - 2 December 2011