EU Moves To Open Up Auditing Market

Law360, New York (November 30, 2011, 3:34 PM EST) -- PricewaterhouseCoopers International Ltd. and other accounting giants involved in the financial sector would have to separate their auditing and consulting businesses in Europe under reforms the European Commission unveiled Wednesday to eliminate conflicts, increase competition and restore investor confidence.

The European Union regulator adopted the proposals, which could take several years before they are implemented, in response to the 2008 financial crisis and audits that gave shaky financial institutions clean bills of health. The regulator is hoping to open up a market dominated by the so-called...
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