International comparison of the new audit regulation in five EU countries
Küpper, Luisa
Promotor(s) : Palm, Alexis
Date of defense : 4-Sep-2017/11-Sep-2017 • Permalink : http://hdl.handle.net/2268.2/3579
Details
Title : | International comparison of the new audit regulation in five EU countries |
Author : | Küpper, Luisa |
Date of defense : | 4-Sep-2017/11-Sep-2017 |
Advisor(s) : | Palm, Alexis |
Committee's member(s) : | Depraetere, Pauline
Hachmeister, Dirk |
Language : | English |
Number of pages : | 142 |
Keywords : | [en] Audit reform [en] Harmonisation [en] European Union [en] Public-interest entities [en] Non-audit services |
Discipline(s) : | Business & economic sciences > Accounting & auditing |
Institution(s) : | Université de Liège, Liège, Belgique |
Degree: | Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit |
Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[en] Due to scandals after the turn of the millennium such as Enron Corporation or WorldCom, as well as the global financial crisis of 2007-2008, the then prevailing auditing regime has been heavily criticised and come under fire from regulators. As a consequence, in October 2010, the European Commission released a Green Paper, questioning the audit policy. Eventually, in April 2014, through the Directive 2014/56/EU and the Regulation (EU) 537/2014, the audit framework was reformed. With the reform, the EU regulators intended to create a single European audit market. However, the European Commission introduced a large amount of Member States’ options on which the Member States decide themselves. Therefore, it might be questioned whether the EU audit reform really leads to a harmonisation of the audit framework within the EU. To address this question, this paper treats the international comparison of the implementation of the new audit regulation of 2014 in Belgium, France, Germany, the Netherlands and the United Kingdom. Given the wide range of new rules, it is focused on the definition of public-interest entities and non-audit services. The research is based on a qualitative document analysis and a qualitative collection of experts’ opinion. In this way, besides a rather theoretical and legal analysis, also a practical point of view could be gained. The findings suggest that the new EU rules lead partially to a greater harmonisation of the statutory audit framework in the EU. On the one hand, the rules in the different Member States have become more uniform. However, on the other hand, we can talk about a patchwork of diverse national rules due to the different exercise of the Member States’ options.
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