Ernst & Young believes that in the wake of the financial crisis there is an opportunity to take a fresh look at whether auditors could do more to contribute to investor confidence and enhance financial stability. We therefore welcome the recent European Commission (EC) Green Paper on audit policy, and encourage the EC to make audit quality the benchmark against which any future proposals are assessed. Context
On 13 October 2010, the EC released its Green Paper, Audit Policy: Lessons from the Crisis. The Green Paper raises many questions about the role of the auditor, the structure and regulation of the audit profession, and other core elements of the audit process. A Green Paper is an early stage in the European legislative process and is essentially a request for consultation on possible proposals. Ernst & Young submitted a comment letter on the Green Paper on 8 December 20101.
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