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EU eases access to third-country auditors Istanbul
The European Union yesterday gave auditing firms from countries such as Turkey, China, India, Japan and the United States more time to register in Europe, making it easier for them to keep working with non-EU clients there, officials said. According to a press release from the European Commission, firms from 30 non-EU countries who currently audit non-EU companies listed in Europe now have until July 1, 2010 to register with the EU authorities if they meet minimum information standards. That means that the firms can continue working with their non-EU clients in Europe while they go through the registration procedure, thereby making life simpler both for the auditor and the firm audited, commission officials said. "The implementation and enforcement Statutory Audit Directive is particularly important at a time when financial markets face a difficult period and need to rely on robust audits of financial statements. I feel encouraged that the public oversight bodies in Europe are working together so that third country audit firms have a clear idea what it is expected from them when they audit companies listed on European capital markets,” said Internal Market and Services Commissioner Charlie McCreevy, according to the statement. [Source: Turkish Daily News]
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