Following the inevitable rounds of infighting, European Union countries are taking the final steps to enact legislation to bring their auditing standards into line with best international practices as set out by the International Auditing and Assurance Standards Board.At press time, the European Parliament was expected to rubber-stamp an upgraded version of the EU's Eighth Directive on statutory auditing, which got through the committee stage in September. The agreed-upon package will be published before the end of the year, leading on to official enactment by the EU national governments.
The measure would mean that those European countries not already up to speed on standards adoption would have to be within about two years.
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