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26th September - Audit Rules

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Brussels, 26 September 2005

SMEs ORGANISATION CALLS FOR EU ACCOUNTS AUDIT RULES TO BE REVIEWED

Last year, EU small business organisations welcomed the EU initiative to speed up the revision of audit rules for public companies. This is because most recent audit scandals involving blue chips impacted severely on small business contractors dealing with the offending companies.

However, in the context of this week's debate and vote in the European Parliament in Strasbourg, ESBA would like to remind EU officials that all European SMEs are eager to see EU accounts (as well as Member State's accounts) brought into order as well. Small businesses fail to understand why they face significant pressure from their national revenue offices, yet EU accounts remain unsettled without any indication of when they will be improved. It is amazing to think that the EU could soon celebrate the 10th anniversary of unsettled EU accounts.

It is the responsibility of all decision-makers involved in the European Parliament, the European Commission and the Council to ensure that appropriate mechanisms are quickly set up in order to strengthen the integrity of EU accounts.

The longer the EU takes to clarify this matter, the less inclined EU citizens will be to place their confidence in the European Union.

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