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The Commission has published a summary of the replies received to the public consultation on control structures in audit firms and their consequences on the audit market.
Stakeholders recognise the need to open up the market for the audit of international companies to more suppliers, or at least to ensure that the current market structure does not deteriorate further. The vast majority of respondents therefore favoured removing all barriers that may prevent new firms from entering the international audit market and successfully establishing themselves.
Commissioner Charlie McCreevy said: "The current financial crisis makes it vital that we have a truly sustainable audit market, and the consultation results published today provide valuable insight into problematic issues. The Commission will now carefully consider what actions can be taken at EU level to encourage new market players, whilst ensuring that auditors' independence and audit quality are not undermined."