18 March 2009 — Consultation Response
In November 2008, the European Commission has launched a public consultation on control structures in audit firms and on the possible ways forward. This follows an independent study on the ownership rules of audit firms and their consequences for audit market concentration.
FEE believes that no single element can create more choice and less concentration in general. The matter is complex and consideration should be given to potential impacts on capital markets, stakeholders’ confidence and audit quality.
Market mechanisms should shape market structures and historically regulatory intervention has already had an indirect impact on market structures and consequently on the number of market players.
In any instance, solving the liability issues both at Member States level and globally is an essential precondition.