Compromise deal agreed after criticism from business leaders
The European Union has backed away from introducing mandatory in-house audit committees after months of lobbying from industry.
The plans would have placed companies under a set of onerous rules forcing them to set up internal audit committees, and outline the composition and timescale of the directors serving on them.
Under a compromise deal, reported by the Financial Times today, the EU rules will still determine the functions of an audit committee, but companies will be able to opt out if they can prove the use of a ‘similar body carrying out equivalent functions’.
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