EU boost for auditors
Banks and companies listed on stock exchanges will be forced to change auditing teams after a maximum of 24 years, under a European Union deal to water down proposals aimed at bolstering corporate oversight.
EU negotiators brokered a draft agreement in Brussels that requires companies to change accounting every 10 years, with a one-off right to an extension as long as 14 years if they carry out a tender process, Michel Barnier, the EU's financial services chief said in an emailed statement.
"Although less ambitious than initially proposed" by the European Commission, "landmark measures to strengthen the independence of auditors have been endorsed," Mr Barnier said. "Taken together, the agreed measures will considerably strengthen audit quality across the European Union."