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"Before taking a decision on audit working papers, I think that we need more time to ensure that the United States, in particular, is ready to co-operate with us fully”, Commissioner McCreevy said in a statement on the Audit Working papers. “The crisis has highlighted the lack of co-operation and co-ordination amongst authorities”, he went on.
However, the USA does not seem to be open towards a mutual agreement on the inspection requirements of audit firms, McCreevy criticizes.
“As things stand at the moment, the EU will commit itself to facilitate United States' inspections but we currently have no guarantee that the United States will do the same for us”, he said.
“Before taking a decision on audit working papers I would like to hear the views of the new administration”, McCreevy underlined. “Therefore, the Commission should not continue discussions with our Member States on the basis of the draft decision that is currently tabled”.
“We need more time to ensure that the United States, in particular, is ready to co-operate with us fully”, the Commissioner said. “Only then can we, in the EU, move forward together on this issue with one approach for all our main trading partners”.
McCreevy tabled a draft decision for discussion with EU Member States in January with the intention of allowing EU Member States' public oversight bodies to co-operate with their counterparts in the United States, Japan and Canada.