10 Amendments of Kay SWINBURNE related to 2010/2037(INI)
Amendment 8 #
Draft opinion
Recital B
Recital B
B. whereas, following the financial crisis, auditors have been identified as being able to play a key role in strengthening the risk management oversight of Systemically Important Financial Institutions (SIFIs)financial intuitions, particularly those whose failure, in the view of the supervisory authority, may pose a systemic risk,
Amendment 14 #
Draft opinion
Recital C
Recital C
C. whereas the role of the audit committees within SIFIfinancial institutions has not been fully utilised,
Amendment 50 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis; notes that for SIFIsfinancial institutions which may pose a systemic risk this should be reduced to every four years;
Amendment 53 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Calls for audit committees to be required to publish in their report the occurrence of regular discussions with principal shareholders; any significant financial reporting issues raised during the course of the audit; and explain the basis of the decision on audit tendering and auditor appointment for all audit related work, but especially for the external audit contract;
Amendment 61 #
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for enhanced, two-way communication between auditors and financial supervisors of SIFIsfinancial institutions whose failure might, in the view of the supervisory authority, pose a systemic risk, especially in relation to specific areas of concern, including the interaction between different financial products;
Amendment 74 #
Draft opinion
Paragraph 4
Paragraph 4
4. Calls for the external auditors of SIFIfinancial institutions to report periodically, on a collectivesectorial basis, to the ESRB in order to identify sectorial trends and potential sources of systemic risk and potential failures;
Amendment 82 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls for the role of the audit committees of SIFIall listed companies, particularly financial 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.
Amendment 92 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to investigate the use of restrictive covenants by banks and other financial institutions on loans and other financial products to companies, which may be limiting auditor choice;
Amendment 98 #
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Support the introduction of living wills for the Big Four auditors and those auditors providing significant audit services to the financial sector, including establishing cross-border contingency plans for the orderly transfer of client contracts should a significant player withdraw from the market;
Amendment 103 #
Draft opinion
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Calls on financial institutions’ audit reports to include enhanced disclosure requirements around the valuation of less liquid assets to enable the comparison of financial instrument valuations between institutions.