EU in preliminary deal on audit market shake up

The European Union has reached a preliminary deal on forcing companies to change their accountants on a regular basis to improve book-keeping quality, the bloc’s presidency Lithuania said on Tuesday. The reform was prompted by the 2007-09 financial crisis during which taxpayers had to rescue banks that had been given a clean bill of health by auditors only months earlier. “The framework of EU audit reform is preliminarily agreed and is subject to the final agreement by member states… later this week,” the EU presidency said in a statement.

    

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