Auditors will have to wait until at least June before learning whether Europe will give the green light on radical proposals to shake up the profession.
As members of the European parliament’s legal affairs committee (JURI) continued to argue over measures such as compulsory auditor rotation and joint audits, the full European parliament is now not expected to vote on the matter until 10 June, it has emerged.
The parliament was originally expected to vote on the proposals next month (February). JURI had been due to vote on amendments to the proposals next week (22 January) but this has also been postponed.
A spokesman for Sajjad Karim, the MEP who is guiding the proposals through the committee, confirmed the postponement, but added that a revised timetable had not been finalised.
News of the delay comes as the UK’s Competition Commission prepares to deliver its provisional verdict on the large company audit market. The investigation began after a referral from the Office of Fair Trading (OFT) in October 2011 and the Commission has until October this year to produce final recommendations. The initial report is expected to be released towards the end of this month (January).
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