03/03/2004 (Agence Europe) - On 16 March, the European Commission is to adopt its proposals to reinforce the rules on independence and controls on audit companies, who carry out the legal controls on company accounts. Modifying the 8th directive on company law dating from 1984, the new directive will focus on the responsibilities of auditors when preparing consolidated company accounts, the obligation of independence of audit companies for companies quoted on the stock exchange, rules for rotation of auditors and penalties in cases of failure to comply, confirmed Commissioner Frits Bolkestein during a conference in London. He announced these measures in his speech on the Parmalat affair to the Parliament (see EUROPE of 12 February, p.15), and to the Ecofin Council (see EUROPE of 21 January, p.9).