Brussels, 03/04/2014 (Agence Europe) - MEPs, on Thursday 3 April, approved the inter-institutional compromise setting out new rules for the audit market from 2016.
In order to open up a very closed market to other players, the legislative package bans contractual clauses demanding that the audit be reserved to one of the four major audit firms which dominate the market (see EUROPE 11001). Banks, insurers and listed companies will be required to go through a tendering process in selecting...