11 Amendments of Sven GIEGOLD related to 2010/2037(INI)
Amendment 2 #
Draft opinion
Recital A
Recital A
A. whereas the audit profession is concentrated at the large end of the spectrummarket is characterised by oligopolic dominance of the "big four", posing a systemic danger, smaller firms are diverse and their growth and expertise should be encouraged through increased opportunities to compete,
Amendment 5 #
Draft opinion
Recital A a (new)
Recital A a (new)
Aa. whereas the House of Lords Economic Affairs Committee inquiry criticizes the big four's complacency and dereliction of duty for having contributed to the financial crisis,
Amendment 9 #
Draft opinion
Recital B
Recital B
B. whereas, followas became patent during the financial crisis, auditors have been identified as being abfailed to play a key role in strengthening the risk management oversight of Systemically Important Financial Institutions (SIFIs)financial institutions, and whereas the auditing firms have failed to raise the alarm about the health of many of these,
Amendment 20 #
Draft opinion
Recital C a (new)
Recital C a (new)
Ca. whereas conflict of interests are likely to exist when auditing firms offer different services to the same firm,
Amendment 25 #
Draft opinion
Paragraph 1
Paragraph 1
1. Calls for the provision of increased opportunities for smaller firms by preventingforbidding that internal audit services are being carried out by the same company as the external audit; notes that the same legislation should ensure that in areas of audit services which are deemed to incur a conflict of interest should bthey are carried out by different companies, including evaluations of complex structured products; furthermore, auditing firms should not be allowed to provide advisory services, directly or indirectly, to the firms they audit;
Amendment 36 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls upon DG Competition to hold a detailed investigation into the audit market;
Amendment 67 #
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for enhanced, and transparent two- way communication between auditors and financial supervisors of SIFIs, especially in relation to specific areas of concern, including the interaction between different financial products;
Amendment 69 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the Commission to propose legislation to integrate the European Group of Auditors Oversight Bodies into ESMA and bring auditing firms operating in more than one Member State under its direct supervision in analogy with credit rating agencies;
Amendment 72 #
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Calls on the Commission to explore rules such as the allocation of auditing firms by independent bodies like ESMA, a second mandatory audit, random allocation, as well as mandatory rotation;
Amendment 73 #
Draft opinion
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Calls on the Commission to assess the situation of liability of auditing firms in the EU and propose measures to reinforce liability regimes in cases of negligence;
Amendment 86 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls for the role of the audit committees of SIFIfinancial institutions to be strengthened by requiring them to approve a risk model assessment which includes firm-specific comparisons to benchmarks; demands that this assessment be presented to the boards of SIFIfinancial institutions, along with the full audit report, annually for consideration and approval.