Skip to main navigation

Public policy overview - Ernst & Young - Global

 Public Policy

We are committed to engaging in thoughtful dialogue on public policy and regulatory matters of importance to investors and other stakeholders, our profession, and the capital markets.

Our engagement is vital to the public interest as the regulatory and public policy environment continues to evolve. As the most globally integrated accounting and auditing organization, we are well placed to listen, inform, and contribute to the public discourse as corporate and investment activity is becoming more global in scope and regulators are sharing information across borders.

Our documents provide our view on policy issues relevant to the public interest and our profession's role in the capital markets. Our Overview documents provide an account of important global events such as the G20 meetings. The latest documents in both series are available below.

If you have further questions regarding our views on regulatory and public policy matters please refer to the following contacts.

Our latest documents

Enhancing transparency of the audit committee auditor oversight process

November 2012 (Point of View)
To promote investor confidence in auditor independence and objectivity, we believe there should be greater transparency of the audit committee’s auditor oversight process so that shareholders have the information they need to properly evaluate an audit committee’s decision to retain or change the auditor. Our latest Point of view explains our proposal for shareholders to receive a report from the audit committee on a periodic basis detailing its oversight of the auditor and the audit process.

Auditor reporting

November 2012 (Point of View)
We strongly support meaningful change to increase the usefulness and informational value of the auditor’s report. This Point of view summarizes our perspectives on auditor reporting, as set forth in our recent response to a consultation by the International Auditing and Assurance Standards Board.

Ernst & Young response to IAASB Invitation to Comment: Improving the Auditor's Report

October 2012
Ernst & Young has submitted a response to the International Auditing and Assurance Standards Board's Invitation to Comment that made suggested improvements to the auditor's report.

Ernst & Young views on current public policy developments affecting the audit profession

July 2012 (Point of View)
This Point of view brings you up-to-date on current public policy developments that will be of interest to you, our clients and other stakeholders. These include: the European Commission's pending proposals on audit policy; the UK Competition Commission inquiry into the UK audit market; the UK FRC's proposals on mandatory retendering; and the US PCAOB concept release on independence, objectivity, and professional skepticism.

Ernst & Young response to UK Financial Reporting Council proposals on audit tendering

July 2012
The UK Financial Reporting Council issued a consultation in April 2012 on revisions to its Corporate Governance Code and Guidance on Audit Committees. Ernst & Young has submitted the below response relating to the audit tendering proposals in the consultation.

Ernst & Young perspective on European Commission legislative proposals on audit policy

December 2011 (Point of View)
This Ernst & Young reports provides our perspective on the European Commission's audit proposals following their official publication on 30 November.

Ernst & Young Guide to EU legislative process

December 2011 (Overview)
This document provides a brief overview of the EU legislative process and its institutions in the context of the Commission's Green Paper on audit policy.

Ernst & Young views on current public policy proposals affecting the audit profession

November 2011 (Point of View)
As policy-makers move forward post-crisis, many have proposed reforms to corporate governance, financial reporting and the role of audits and the audit profession. The European Commission has developed a set of draft proposals in response to its Green Paper on Audit Policy and in the US, the Public Company Accounting Oversight Board is seeking comment on its concept release on measures to enhance auditor independence, objectivity and professional skepticism. This report provides a high-level perspective, identifying which measures we support and which we oppose.

G20 Cannes Summit dominated by sovereign debt risk and future of Eurozone

November 2011 (Overview)
The 2011 summit was dominated by uncertainty around sovereign debt risk and the future of the Eurozone. In the midst of an agenda focused primarily on macroeconomic concerns and fiscal reform, the G20 leaders struggled to make progress and stay united on financial regulatory reform and a broader growth agenda. Learn more about the summit's key actions.

Update on Public Policy Developments Affecting the Audit Profession

June 2011 (Overview)
This Overview provides an update on recent developments affecting auditors and audit committees, including the European Commission Green Papers on audit policy and corporate governance, House of Lords report, OFT statement on competition, and activity by the IAASB and US PCAOB.

House of Lords report on audit could influence regulatory agenda

April 2011 (Overview)
The House of Lords published its final report on market concentration in the UK audit market and the auditing of banks. The report makes recommendations to the UK Government and could influence policy making around the world as the European Commission and national regulators also consider measures to reform auditing.

Our response to EC Green paper on audit policy

December 2010 (Point of View)
The Green Paper raises many questions about the role of the auditor, the structure and regulation of the audit profession, and other core elements of the audit process. Our publication outlines our perspective on these issues, which we discuss more fully in our Comment Letter.

About Point of view

  • In Ernst & Young’s Point of view series, we express our view on current public policy and regulatory matters of importance to our stakeholders, our profession and the capital markets.

About Overview

  • In Ernst & Young’s Overview series, we provide a concise overview of relevant topical or fast-moving global public policy and regulatory issues, designed to give you current information on emerging developments.

Contacts

Back to top