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Proposals for improvement quality statutory audits For Audit firms

On 31 January 2012, the Netherlands Authority for the Financial Markets (AFM) has offered its analysis of the proposals from the European Commission to the minister of Finance. On balance, the AFM assesses the proposals from the European Commission as positive. The AFM expects these proposals to contribute to an improvement in the quality of statutory audits, the recovery of confidence in auditors, and to strengthen the financial markets. Obviously, some comments may be placed regarding the proposals, which will be negotiated in the Council of Ministers and the European Parliament in the coming months. According to the AFM, the forced separation of large audit firms and the obligatory participation of ‘small’ audit firms in audits are not in order.