Activities of Antonio LÓPEZ-ISTÚRIZ WHITE related to 2011/2037(INI)
Legal basis opinions (0)
Amendments (10)
Amendment 11 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reminds the Commission that a wide- ranging, in-depth impact assessment is needed, looking at the various political options and focusing on practical issues in line with the principles of ‘better lawmaking’ and including an analysis of interest groups in order to clarify the segmentation of the impact assessment study for the various groups such as SMEs, systemically important financial institutions (SIFIs) and other listed and non-listed companies; takes the view that an assessment should be made of the impact on the users of audit reports, such as investors and SIFI regulators; calls on the Commission to analyse the added value generated by both the proposed regulation and the progressive harmonisation of auditing standards and practices in the European single market;
Amendment 47 #
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 54 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Takes the view that the independence of statutory auditors vis-à-vis the management of the companies they are auditing is essential and must be preserved at all times; takes the view that the role of the audit committee is fundamental in guaranteeing this independence and that it should be strengthened; considers that the requirements placed on the audit committee should include responsibility for proposing the appointment of the statutory auditor for approval by shareholders at the annual general meeting, as well as the notification to shareholders of the measures adopted to review the qualification of the audit firm, the reasons which led to its being recommended and the action taken to guarantee its independence, including any restrictions imposed on the provision of services other than auditing and guarantees as regards the rotation of the main audit partners;
Amendment 58 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 61 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Appeals to the Commission to ensure that company practices help to preserve the protections provided, including protection linked to the mandatory rotation of the main audit partners, even where those partners change firms, transparency vis-à-vis shareholders throughout the process and in relation to the reasons for which the proposed auditors were recommended, as well as the clear attribution of responsibility to the audit committee as regards the process and as regards the final decision vis-à-vis shareholders;
Amendment 62 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 70 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Considers it essential to preserve the independence of the auditor; takes the view that external auditors should be banned from providing services to the audited company that could give rise to non-compliance with the applicable requirements as regards independence or with other ethical requirements; recognises that, in order to boost growth in the European economy, it is necessary to ensure that all undertakings, regardless of their size and including SMEs, can contract independent auditors and audit firms that have a wide range of skills;
Amendment 105 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 112 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Calls on the Commission to review the functions of the audit committee so that the shareholders' final decision on the appointment of auditors is based on a proposal from the audit committee; takes the view that this proposal should include a description of the procedure followed, the criteria used and the reasons underlying the audit committee's recommendation;
Amendment 113 #
Motion for a resolution
Paragraph 22 b (new)
Paragraph 22 b (new)
22b. Considers it important for the Commission and regulatory bodies in each Member State to recognise the quality and experience of all audit firms and recommend to public interest entities that they actively consider different audit firms other than the Big Four which have a suitable level of knowledge and experience, and that they include them in their public tendering processes;