3 Amendments of Krišjānis KARIŅŠ related to 2011/0389(COD)
Amendment 10 #
Proposal for a directive
Recital 7
Recital 7
(7) It is important to ensure high quality statutory audits within the Union. All statutory audits should therefore be carried out on the basis of the international auditing standards which are part of the Clarity Project issued by the International Federation of Accountants (IFAC) in 2009 insofar as they are relevant to statutory audits. Member States should be allowed toavoid imposeing additional national audit procedures or requirements, with the proviso that this should be permissible only if they stem from specific national legal requirements relating to the scope of the statutory audit of annual or consolidated financial statements, meaning that those requirements have not been covered by the adopted international auditing standards, and only if they add to the credibility and quality of annual financial statements and consolidated financial statements and are conducive to the Union public good. The Commission should continue to be involved in the monitoring of the content and adoption process of the international auditing standards by the IFAC.
Amendment 11 #
Proposal for a directive
Recital 14
Recital 14
(14) Some Member States have replaced the statutory audit of small undertakings with a limited review of their financial statements. It is appropriate to allow those Member States to maintain this practice instead of providing for a proportionate application of auditing standards to small undertakings. Member States within whose territory a statutory audit requirement still exists for small undertakings should assess possibilities of replacing it with a limited review of their financial statements.
Amendment 15 #
Proposal for a directive
Recital 13
Recital 13
(13) The burdens weighing on small and medium-sized undertakings within the Union in connection to the audit of their financial statements should be reviewed to the necessary minimum without compromising investor protection. Member States should ensure that the application of auditing standards according to which the statutory audit of the financial statements of those undertakings is performed is proportionate to the scale of small and medium-sized undertakings. It should also be taken into account that both small and medium-sized enterprises exist in different sizes and that, moreover, their operations vary in complexity.