We welcome the fact that the draft report from the Legal Affairs Committee (JURI) report, released in September has addressed some of our concerns on the initial European Commission proposal such as the removal of the creation of audit-only firms. However we believe that some important elements are still missing from the draft JURI report such as corresponding enhancements to corporate governance, whilst others, such as the mandatory firm rotation proposal, need further debate.
In December 2010, KPMG submitted our response to the "EC Green Paper - Audit Policy: Lessons from the crisis" which can be found at the link below.
Outlined here are KPMG's views on the initial EC proposals and updated to reflect our views on the most recent developments in the draft JURI report released in September 2012: