Financial reporting and auditing

See EESC opinion in all languages under Related documents at the end of this page.

Key points:

• The EESC approves the essence of the programme, recognising the great value of financial reporting and auditing as one of the pillars of a sound and transparent market. However, the EESC does not have sufficient information to gauge the appropriateness of the amounts allocated to the functioning of each programme, and is unable to form its own opinion on the adequacy of the "output" of each institution vis-à-vis the needs of users, although the latter seem to take a wholly positive view. The financial crisis has revealed an increased need for more accurate information and increasingly effective auditing standards. Hence the EESC points out the need to train high-level experts in the public and private sectors.
• The EESC endorses the principle of the need to fund the activities of institutions that carry out extremely delicate tasks of the utmost importance. The EESC calls on the Commission to confirm its full confidence in the independence of the IFRS, EFRAF and the PIOB. The EESC would like to stress once again not only the importance of collecting and collating information, but above all the need to know how to properly understand and use that information: while the high level of professionalism of the data "suppliers" needs to be recognised, much remains to be done with regard to the multifaceted category of users, in terms of training and updating of adequate human resources.

Other EESC opinions:

• Financial services - financial reporting and auditing (CESE 618/2009, INT/476)
• on financial services
• on company law

For more information please contact the INT Section Secretariat.