Ernst & Young Point of View? EC Green Paper, Audit Policy: Lessons from the Crisis
Please find below the latest issue of Ernst & Young's Point of view series. We are issuing this Point of view in conjunction with our comment letter on the Green Paper, which we submitted to the European Commission today and which also is attached below.
The Green Paper raises many questions about the role of the auditor, the structure and regulation of the audit profession, and other core elements of the audit process. Ernst & Young believes that in the wake of the financial crisis there is an opportunity to take a fresh look at whether auditors could do more to contribute to investor confidence and enhance financial stability. We therefore welcome the Green Paper and encourage the EC to make audit quality the benchmark against which any future proposals are assessed.