EU audit reform: 10 years on

A decade after the enactment of European Union (EU) audit reform legislation, the report underscores the persistent market dominance of the main firms in PIE audits, resulting in limited choices for auditors. The Irish Auditing and Accounting Supervisory Authority's most recently published Annu...

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Bibliographic Details
Published inAccountancy Ireland Vol. 56; no. 2; pp. 53 - 56
Main Author Gorry, Patrick
Format Trade Publication Article
LanguageEnglish
Published Dublin Institute of Chartered Accountants In Ireland 01.04.2024
Subjects
Accounting firms
Audit committees
Audit quality
Auditor changes
Competition
International finance
Legislation
Market shares
Objectivity
Regulation
Supervision
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Summary:A decade after the enactment of European Union (EU) audit reform legislation, the report underscores the persistent market dominance of the main firms in PIE audits, resulting in limited choices for auditors. The Irish Auditing and Accounting Supervisory Authority's most recently published Annual Audit Programme and Activity Report put the market share of the four largest firms at 87 percent. 3 Enhancing transparency for investors The legislation mandates increased audit reporting transparency, requiring additional information disclosure. [...]the Market Monitoring Report identifies potential challenges, including inflationary pressures, rising interest rates, geopolitical instability and the growing use of data analysis tools and artificial intelligence, which will require attention sooner or later.
ISSN:0001-4699