With this initiative, the EC aims to improve the quality of corporate reporting and its enforcement, by addressing shortcomings in the underlying eco-system. Improving the framework for corporate governance, external audit and supervision will increase investor protection and improve the depth and attractiveness of the Capital Markets Union (the single market for capital in the EU).
ACCA strongly supports the EC approach to consider the three pillars of high quality and reliable corporate reporting as part of the wider financial reporting ecosystem and commend the EC’s multi-stakeholder approach. Improvements on corporate governance, statutory audit and supervision should take place in a coordinated way so that all three can be mutually reinforcing towards improved quality.
To read the response in full and view ACCA's policy paper, please see Related documents downloads.