In an address at the Institute of Chartered Accountants in London, Mr Bolkestein mentioned that as regards adoption and application of
IAS a few stubborn issues remain to be resolved.
“I am still convinced that acceptable temporary solutions can be found in the short term”, Mr Bolkestein said. “I have urged Sir David Tweedie to continue working in the short term with technical experts to try to find such appropriate solutions.”
With regard to auditing and corporate governance post-Parmalat issues, Mr Bolkestein specified the first proposal to be made in mid-March. The proposal will include:
full responsibility of the group auditor for consolidated accounts;
obligatory independent audit committees for listed companies;
stricter auditor rotation requirements and strengthened sanctions.
With regard to the Sarbanes-Oxley legislation the Commissioner said that he “began to see the light at the end of the tunnel when Bill McDonough was appointed as head of the US PCAOB in June last year.” He also hopes for more progress when Mr McDonough will be in Brussels on 25 March for a Round Table to which national oversight authorities will be invited.
Full speech
© European Commission
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