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Sue Almond, technical director at ACCA, says: "Since the publication of the green paper on audit policy in October 2010, ACCA has been closely following the numerous - and sometimes controversial - debates around the EU audit reform, and commends the compromise reached by the European Parliament and the Council. We believe that most elements of the texts strike a balance between reinstating stakeholders' – especially investors' - confidence and a competitive environment for businesses. We now hope for a smooth, final endorsement from the two co-legislators before the European elections in May. The next challenges are now in the hands of the member states, especially regarding a timely, consistent and proportionate implementation of the Directive, ensuring that legislation is workable and is not subject to unnecessary gold-plating."
Sue Almond explains: "For ACCA, the cornerstone of the audit reform has always been about ensuring well-structured and trusted audit services that bring the most value to businesses and the end-users. It is crucial that audit meets the demands of the business world, including those of management, investors and shareholders.
"Audit is only one part of this jigsaw and should be envisaged in the wider corporate reporting framework. Further progress could for instance be made through enhancing corporate governance as well as non-financial and – in the future - integrated reporting. Their development would help reflecting the interconnected nature of economic and financial performance with environmental, social and governance factors", Sue Almond concluded.