8 Amendments of Sharon BOWLES related to 2010/2037(INI)
Amendment 26 #
Draft opinion
Paragraph 1
Paragraph 1
1. Calls for the provision of increased opportunities for smaller firms 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; demands that public procurement should aim to use firms other than the big four and that public bodies should set a benchmark percentage for use of non big four firms;
Amendment 34 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Agrees that steps need to be taken to prevent excessive familiarity, suggests that options other than or additional to a fixed rotation cycle should be considered, for example if joint audits are used the rotation cycle could be double that for when a single auditor is used as the dynamics of ‘three in the room’ is different to that of ‘two in the room’; joint audit rotation could also be staggered;
Amendment 63 #
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for enhanced, 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; believes society demands that auditors have both a forward and outward looking responsibility especially with regard to large and systemically relevant corporations; information available to auditors that is in the public interest relating to risk, off balance sheet operations or future potential future exposures should always be disclosed to regulators and in most cases disclosed to shareholders by company management;
Amendment 66 #
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for enhanced, two-way communication between auditors and financial supervisors of SIFImajor financial institutions, especially in relation to specific areas of concern, including the interaction between different financial products;
Amendment 95 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that there are many more auditors than credit rating agencies and that direct supervision by a European Agency would be a larger task that that set up for Credit Rating Agencies, however an authorisation process at the European level may be feasible;
Amendment 102 #
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Suggests that auditors should take part in pan industry or sectoral assessments of specific controls and risks, observing that this should be exercised in a proportionate way and not be imposed on small businesses;
Amendment 106 #
Draft opinion
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Recommends that auditors must be made aware of all instances where the risk-committee has been over-ruled;
Amendment 108 #
Draft opinion
Paragraph 5 d (new)
Paragraph 5 d (new)
5d. Group auditors should have a clear overview of the group and for financial institutions supervised on a group basis should have dialogue with the group supervisor.