European trilogue agreement on audit reform - towards the end of the status quo - Comment from Mazars

International accountancy firm Mazars welcomes the agreement reached in the European discussions on audit market reform. The firm applauds the efforts of the Parliament, the Council and the Commission on an issue that is crucial to financial stability.

The agreement is a sound basis on which to foster an open and vibrant single market for audit services, for which we and others have been calling for many years. In particular, we are pleased to see the value of joint audit being recognised in the extension of the period before mandatory rotation to 24 years.

However, what’s important to remember is that this is only the first step. Ensuring the reforms reach their true potential is now in the hands of investors, audit committees, regulators, governments and the profession itself.

We call on all stakeholders to play their part in building a new market – especially for larger listed companies – in which no firm is too big to fail, and in which more firms are able to prove their worth and ability to innovate.