9 Amendments of Antolín SÁNCHEZ PRESEDO related to 2010/2037(INI)
Amendment 1 #
Draft opinion
Recital A
Recital A
A. whereas the audit profession is concentrated at the large end of the spectrum,high market concentration in the audit profession has led to a situation in which 99 out of the 100 companies listed in the FTSE are audited by one of the "big four"; believes that this situation leads to an excessive concentration of risk and that contingency plans relating to the major auditing firms should be put in place; believes furthermore that smaller firms are diverse and their growth and expertise should be encouraged through increased opportunities to compete and that structured cooperation plans between major and smaller companies should be reinforced,
Amendment 4 #
Draft opinion
Recital A a (new)
Recital A a (new)
Aa. whereas statutory auditing has a social function and is in the public interest and the last financial crisis has shown major flaws in the conduct of audit, takes the view that a stricter regulation should be put in place to guarantee the independence and quality of auditing,
Amendment 10 #
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) and relevant Highly Leveraged Institutions,
Amendment 30 #
Draft opinion
Paragraph 1
Paragraph 1
1. Calls for the provision of increased opportunities for smaller firms through structured cooperation plans between major and smaller companies and by preventing internal audit services being carried out by the same company as the external audit; notes that areas of audit services which are deemed to incur a conflict of interest should be carried out by different companies, including evaluations of complex structured products;
Amendment 44 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors at least every eight years, on a renewable basis; notes that for SIFIs and Highly Leveraged Institution this should be reduced to every four years; notes furthermore that the competent authorities in the different reference markets may reduce this period attending to prudential supervision or competition criteria;
Amendment 55 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Takes the view that, in order to guarantee the independence and avoid conflicts of interest in the audit profession, audit companies should only provide auditing services to the audited company; believes furthermore, that under no circumstances should internal and external auditing services be provided simultaneously;
Amendment 62 #
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for enhanced, two-way communication between internal and external auditors, between auditors and shareholders and between auditors and financial supervisors of SIFIs, especially in relation to specific areas of concern, including the interaction between different financial products;
Amendment 76 #
Draft opinion
Paragraph 4
Paragraph 4
4. Calls for the auditors of SIFIs and relevant Highly Leveraged Institutions to report periodically, on a collective basis, to the ESRB;
Amendment 83 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls for the role of the audit committees of SIFIs and Highly Leveraged 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 SIFIs and Highly Leveraged Institutions, along with the full audit report, annually for consideration and approval.