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CESR paper on enforcement of accounting standards in Europe

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23 Oct 2002

The Committee of European Securities Regulators (CESR) has issued a consultation paper that contains a Proposed Statement of Principles (SOP) of Enforcement of Accounting Standards in Europe.

The SOP will be used for developing standards of best practice on enforcement among CESR members. Principle 1 set out in the SOP states that "competent independent administrative authorities set up by member States should have the ultimate responsibility for enforcement of compliance of the financial information provided by the companies identified by Principle 7 [listed companies and those applying for listing] with the reporting framework." This seems to support the establishment of oversight boards in EU member States similar to the PCAOB set up in the United States by the Sarbanes-Oxley Act of 2002. Comments are requested by 15 January 2003. Click to download:

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