Brussels, 21/01/2014 (Agence Europe) - The interinstitutional political agreement on reform of European rules governing the audit market was endorsed by the legal affairs committee of the European Parliament on Tuesday 21 January.
In order to open up the EU audit market to competition, a bank, an insurance company and a listed company should introduce a “mandatory rotation” rule whereby an auditor can inspect a company's books for a maximum of ten years. This may be increased by a...