Press Release: Charlie McCreevy, Commissioner for Internal Market and Services, welcomes the agreement reached in Council on the 8th Company Law Directive on statutory audit

The European Commission on 11 October 2005 welcomed a political agreement at first reading by the Council of Economic and Finance Ministers on the 8th Company Law Directive on statutory audit of annual accounts and consolidated accounts, which amended Council Directives 78/660/EEC and 83/349/EEC. Its objectives are to restore credibility of financial reporting and to enhance the EU's protection against the type of scandals that occurred in the past at companies such as Parmalat and Ahold.

European Commission: PreLex: COM(2004) 177, Proposal for a Directive [...] on statutory audit of annual accounts and consolidated accounts and amending Council Directives 78/660/EEC and 83/349/EEC http://ec.europa.eu/prelex/detail_dossier.cfm?CL=en&ReqId=0&DocType=COM&DocYear=2004&DocNum=177

---