The European Commission released an audit market impact assessment in November 2011 suggesting a number of radical policy interventions in the European audit market and suggested breaking up the largest audit firms.
Copenhagen Economics conducted a review of the Commission’s impact assessment.
To read the report, click here.
In July 2012, the European Parliament’s own Impact Assessment Unit released their appraisal report on the Commission’s impact assessment.
To read their report, click here.
The EP appraisal report is quite critical and it identifies a number of weaknesses in the Commission’s impact assessment. In their assessment of the Commission’s impact assessment, the European Parliament’s assessment unit concluded inter alia that:
• “the IA fails in part to provide solid evidence for certain claimed problems” • “the IA should also provide a more solid justification for some of the policy options chosen” and that • “the main problem lies […] with the proportionality of some of the particular policy options proposed and their likelihood of rectifying or solving, partially or wholly, the issues identified.”
The EP appraisal report invites the Commission to provide additional justification for the analysis contained in its impact assessment on these and other points.
We find a great deal of similarity in the conclusions between the EPs review report and our independent review report.
For more information, contact partner Martin Hvidt Thelle.