8 Amendments of Nikolaos CHOUNTIS related to 2010/2037(INI)
Amendment 3 #
Draft opinion
Recital Α a (new)
Recital Α a (new)
Aa. whereas the role of regulatory tools in bringing about a recovery from the crisis and preventing a future crisis, in the same economic system that created it, is limited and insufficient, since in essence these tools act to serve and propagate the system,
Amendment 7 #
Draft opinion
Recital Α b (new)
Recital Α b (new)
Ab. whereas the financial crisis exposed the inadequacy of the structural audit mechanism in the existing socio-economic system and the inability of auditors properly to perform their monitoring function and their social role, essentially constituting an effect and a part of the crisis; whereas it is necessary to create a suitable regulatory framework to tackle pathogenic forms of the audit system and make it more effective, the main aim being to protect democracy, transparency and the well-being of European citizens,
Amendment 12 #
Draft opinion
Recital Β a (new)
Recital Β a (new)
Ba. mindful of the conflict of interest arising in the operation of audit firms and the need to increase the reliability of audits and the independence of auditors, so that they perform their social function and protect the interests of the peoples of Europe,
Amendment 19 #
Draft opinion
Recital C a (new)
Recital C a (new)
Ca. whereas the market in auditing services is structured as an oligopoly, with the Big Four holding more than 90%, and an endogenous and constant rate of concentration is emerging which must be significantly reduced, with concrete action being taken to encourage the further development and growth of the sector,
Amendment 22 #
Draft opinion
Recital C b (new)
Recital C b (new)
Cb. whereas, in the wake of the crisis, excessive risk-taking on the part of financial institutions has been significantly linked to flexible, scant and ineffective control and risk management mechanisms, particularly in Systemically Important Financial Institutions (SIFIs),
Amendment 47 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes companies should conduct a compulsory, open and fully transparent competitive tendering process for statutory appointments of external auditors every eightfour years, on a renewable basis; notes that for SIFIs this should be reduced to every four yea; takes the view that a report should be drawn up justifying their selection, based on the quality and independence of the auditors;
Amendment 54 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses that the mandatory rotation of audit companies and auditors every eight years is vital, guaranteeing the largest possible gap before the company is audited again by the firm concerned, particularly in the case of public interest entities and SIFIs, whereby specific steps need to be taken to ensure that the above provisions are complied with;
Amendment 70 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for the financial statements of audit companies to be verified and made public, particularly those dealing with public interest entities and SIFIs,