"The status quo is not an option," EC commissioner Michel Barnier declares
The European Commission is considering a radical restructure of the audit industry including a new regulator to appoint firms, mandatory rotation and caps on advisory fees.
The commission has also proposed European-wide registration, and is considering forcing firms to hive off their audit arms, amid a raft of new proposals to shake up the industry.
"With audit firms, as with other sectors, the status quo is not an option, the status quo will not be an option for the European Commission," commissioner Michel Barnier said when launching the paper.
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