The European Union Changes Up Audit Rules

The rules may be changing when it comes to Audits in Europe. The European Union recently announced a new plan that, if enacted, would require banks and certain other companies to change auditors at least once every 10 to 24 years. The reason for this required change, the European Union claims, is to help investors feel more confident and secure in their investments and in their general dealings with these organizations.

The new audit rules are likely due in large part to therecent financial crisis, during which it was discovered that many auditors were too interconnected with their clients to maintain impartiality beyond a reasonable doubt.

While these changes might not directly impact you as an American, they should cause you to give some serious thought to how your bank does business and to whether or not you’re dealing with trustworthy organizations. If you have any doubts, know that the friendly, knowledgeable financial experts at Susan S. Lewis Ltd. can help you make sure you’re working with all the right organizations.