Audit Policy (Green Paper)

In order to maintain the quality of audits, existing supervision rules and sanctions suffice. It is not necessary to put audit assignments out for public tender or to ban consulting services. There are no convincing arguments to justify the Commission’s interfering with the structure of the auditor market. Disclosure requirements and ceilings for the admissible turnover share of individual clients of audit firms cannot increase the independence of auditors. Contingency and resolution plans are not necessary, since audit firms have no systemic relevance.