Reaction to the EC Green Paper on Audit Policy

The 2010 Green Paper on Audit Policy aimed to draw the lessons from the crisis with respect to the external audit of companies. In particular, the Commission was keen to discuss whether audits provide the right information to all financial actors, whether there were issues around the independence of audit firms, whether there were risks linked to a concentrated market, whether supervision at a European level could be useful and how best the specific needs of small and medium sized businesses could