EY statement in response to the passing of EU audit legislation

3 April 2014

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"Now that the EU has passed its audit policy legislation, we will work to assure its successful implementation, and to help serve the needs of companies and investors, strengthen the capital markets and enhance confidence in financial reporting. 

We continue to have questions, however, as to the legislation's economic costs and its impact on audit quality and shareholder choice, especially in light of already existing national requirements.  We hope to continue our dialogue with policymakers as each Member State moves to implement the legislation so as to assist in the development of rules that will enhance investor confidence."