EU launches public consultation on statutory audit, corporate governance and supervision

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Nov 30, 2021

The European Commission has initiated a broad review on the three core pillars of corporate reporting for large companies, paving the way for further EU legislative intervention. Responses are requested by February 4, 2022.

Referencing the need to address recent corporate failures in Europe, notably Wirecard and Carillion, the Commission is calling for evidence to help evaluate the EU audit and corporate governance framework, as far as relevant to reporting. As the Commission papers make clear, ‘the three pillars that underpin the quality and reliability of corporate reporting by listed companies have not fully played their intended role; without a new EU intervention, it is likely that problems will persist.’

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