MEPs of the Legal Affairs Committee have backed a proposal to open up the EU audit services market beyond the dominant "Big Four" firms and address auditing weaknesses that occurred due to the financial crisis. The draft law also aims to improve audit quality and transparency and prevent conflicts of interest.

As rapporteur Sajjad Karim (ECR, UK), who is responsible for the audit reform package stated: "Reform of the audit market is long overdue and the proposals that were voted through ...


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