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