FRC comments on European Parliament JURI committee's vote on audit rotation
News types: Policy Statements, Statements
Published: 25 April 2013
The Financial Reporting Council welcomes the progress made in the debate over auditor rotation today in the European Parliament’s JURI (Legal Affairs Committee). The FRC does not support mandatory rotation, however, by allowing retendering as an alternative every 14 years, the Committee has recognised the value of the FRC's approach and enabled it to continue post EU reform.
Speaking in Brussels on Monday (22 April 2013) FRC CEO Stephen Haddrill said “the FRC wants companies to appoint the best auditor for their business. Retendering helps them to achieve that. Forced rotation just reduces their choice and maybe excludes the best".
Speaking in Brussels on Monday (22 April 2013) FRC CEO Stephen Haddrill said “the FRC wants companies to appoint the best auditor for their business. Retendering helps them to achieve that. Forced rotation just reduces their choice and maybe excludes the best".