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Europe blocks one-way traffic regulation by US

www.accountancyage.com

If regulators thought that shaping a system of overseas inspections and regulation was going to be easy, they won’t think so now. European contributors to a US round table on regulatory oversight have put up a fierce defence against US regulators. Pierre Delsaux, a director in internal markets at the EC, has told his US counterparts that they cannot simply inspect audits of European companies without offering the same freedoms to EU regulators working with US businesses. He threatened using European legislation to block US access if there is no reciprocation. ‘Accessing audit working papers will be extremely complicated… because we have legislation preventing exchanges of these documents… if we don’t have some kind of agreement, many practical obstacles will exist,’ he warned.

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