The European Federation of Accountants (FEE) has welcomed the Council's approval of the 8th Company Law Directive. This Directive, which introduces new EU rules on the audit of company accounts, is intended to improve confidence in the functioning of EU capital markets. With the legislation now approved, FEE is now set to support the successful transposition of the new rules in the Member States.
Welcoming this legislation, David Devlin, President of FEE emphasised that: "FEE particularly welcomes the proposals on key issues such as application of international standards on auditing, quality assurance and new arrangements for public oversight of the profession. These reforms are a clear commitment by the EU to underpin investor confidence in Europe and will drive the further harmonisation of audit practice."
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