An array of institutional investors has joined forces to resist attempts to dilute audit reforms that would affect listed companies across the European Union.
Amid signs legislators will ditch aggressive proposals put forward by the European Commission last year, the shareholders say major changes are needed to make auditors more independent of the companies whose accounts they vet.
Mr Powell also suggested that a threat by the European Commission to split the biggest accountants into separate audit and advisory arms now appeared unlikely to become law.
He denied that PwC and the other “Big Four” accountants — Deloitte, Ernst & Young and KPMG — had neutered EU audit reforms through lobbying, saying the softer tone emanating from Brussels reflected a backlash by companies.
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Richard; we sometimes wonder why you bother reporting on the latest activities involving the Big Four scallywags.
They are equally immoral and dishonest and will continue to show contempt for any interest other than those who hire and pay them. And it will remain this way until someone (not Cameron) shows the guts to clean them out. Don’t hold your breath, it will probably never happen.