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Free keywords:
audit, auditing, independence, auditor independence, statutory audit, internal rotation, external rotation, consulting, green paper, fees, disclosure, audit market, Big-Four, market concentration
Abstract:
In November 2011 the European Commission has published legislative drafts proposing radical reforms for statutory audits in Europe, fueling heated political and academic debates. This paper presents cornerstones for a new regulatory framework of auditing and thereby contributes to the ongoing debate on the role of auditors and their independence.
