Brussels, 15/04/2014 (Agence Europe) - On Monday 14 April, the Council of the EU concluded the legislative procedure reforming the audit market from 2016 (see EUROPE 11053).
In order to make the audit market more competitive, the directive prohibits contractual clauses that demand auditing be restricted to the “Big Four”. Banks, insurance companies and firms listed on the stock exchange will be obliged to launch a call for tender when selecting a new auditor. A system of mandatory...