EU to tighten auditor rules

THE European Commission is to propose that only one auditor be responsible for the overseeing of company accounts under new rules for statutory auditors to be released in March.

At present, only Italy and Spain and the US allow for more than one auditor to be responsible for audited reports in relation to the consolidated accounts of a group of companies.

Internal Market Commissioner Frits Bolkestein told finance ministers yesterday he is finalising proposals to revise the 8th Company Law Directive.