EU Member States Approve New Auditing Rules

Law360, New York (December 18, 2013, 7:30 PM EST) -- European Union member states on Wednesday gave preliminary approval to a new set of accounting rules that will require companies to rotate their auditors every 10 years and places limits on how much firms can earn for providing tax advice and other non-audit-related services to clients.

The reforms spring from the 2007 financial crisis where auditors largely backed the financial health of European banks despite huge losses. The agreement must be formally approved by the European Parliament and the legislatures of EU member states.

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