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EU Draws Industry Support for U.K.-Style Audit Reforms

Feb. 25, 2022, 8:08 PM

Big Four accounting firms and others in the industry are supporting proposals to introduce U.K.-style audit reforms across the European Union, including stronger pan-European regulation and clearer management accountability for the accuracy of financial statements.

There is recognition “the failure of Wirecard has reduced stakeholder trust in the corporate reporting system,” PwC said in one of more than 200 responses to the Commission’s consultation on audit reforms. “We support the Commission’s approach of searching for the root causes of the Wirecard failure and considering whether EU-wide policy interventions are required.”

Payments firm Wirecard AG collapsed in 2020 in Germany’s biggest post-war fraud and auditing scandal.

The European Commission launched a review of European Union corporate reporting ...