International Accounting Bulletin | Page 19

World Survey 2014 International Accounting Bulletin audit rather than in the mid-tier where it is aimed at.” The main critics of the reform came from the Big Four which urged the EU to reconsider the agreement and reform proposals saying it would be burdensome for firms and drive costs up. PwC’s Collier-Keywood says he understands the need for regulation, “but we want regulation to support quality and I guess in that respect it does not seem the remedies until EU audit reform is finalised, because the CC is “keen to follow the principles of better regulation including by ensuring that our orders do not contradict or duplicate EU regulation”. In the aftermath of the global financial crisis, both the US Public Company Accounting Oversight Board (PCAOB) and the International Auditing and Assurance Standards Board (IAASB) have dec