EU to step up scrutiny of audit firms

Scrutiny of audit firms across the European Union will intensify with the creation of a co-ordinating group bringing together oversight boards from Member States. Alexander Schaub, director-general for the internal market at the European Commission, said on 16 December 2004 the new body would advise the Commission on audit issues. Modelled on EU-wide co-operation for the supervision of financial markets, it should be in place by the end of 2005. Mr Schaub was speaking at a meeting of the Fédération des Experts Comptables Européens.