Those who cannot remember the past are condemned to repeat it, wrote George Santayana, the Spanish-American philosopher, 100 years ago.
He did not broach any thorny subjects about accounting and auditing, but officials dealing with European Union accounts today are only too aware of Santayana's biting message.
Unable to forget the difficulties surrounding the introduction of international accounting standards, policymakers and regulators appear determined not to repeat the experience with auditing standards.
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