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Commissioner McCreevy's remarks on globalised auditing

  • European Union (old) Image

13 Oct 2006

In a speech titled EU Audit Regulation and International Cooperation, EU Internal Markets Commissioner Charlie McCreevy focused on the implementation of the EU Directive on statutory audit and the attention is being paid to international issues within this process.

An excerpt:

Companies and audit firms have long since gone global. It is us – the legislators and regulators – who have to adapt to this fact. When we design the regulatory framework in our own jurisdictions we also have to think about the effects this will have on others. We live in a world of spill-overs. Rules passed in the EU affect US business and vice-versa. This insight has to be part of the regulatory process right from the start.

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