Council of the European Union adopts legislative package on the reform of the audit market The Council today1 adopted a legislative package for the reform of the audit market in the EU. The reform is aimed at increasing transparency and confidence in the audit market by enhancing the credibility of the audited financial statements of public-interest entities (PIEs), which are companies with a significant public interest because of the nature of their business, their size, their number of employees or their corporate status, including banks, insurance companies and listed companies. In addition, the new rules will facilitate a wider choice of audit providers, in a market that is nowadays highly concentrated in a few big accounting firms. Read More
