120 CPA´s compared notes on the future in the auditing sector
CPA's and Tax Consultants from as many as 25 European countries were debating in Vienna the lessons to be learned from the crisis, if any, from the auditing sector´s vantage point. The annual European Conference of AGN International, convening for the first time in Austria, gave rise to this expert-studded appearance of international tax and economic pundits. AGN International is a global association of independent tax planning outfits and auditing firms, comprising some 200 member firms across 89 countries.
More risk, more capital – tighter rules for the financial sector
“We need a high degree of regulation for the banking sector – this is one of the key takeaways from the global financial crisis “, wrapped up Hannes Androsch, former Secretary of the Treasury Department, in his welcome address: “The public weal is to take precedence over profit seeking on the part of stockholders and bank executives; in the end it is always the taxpayer who pays the piper if something goes awry,” remarked the founder of CONSULTATIO.
Mag. Andreas Schieder, Undersecretary of the Treasury Department, pursued the same line of reasoning. In his words, “more risk – more capital!“ could be the only recipe. “When the crisis got underway, everybody was clamoring for more regulation of the financial markets, now that seems to be largely forgotten in some places“, denounced the committed financial politician. On the question of Euro´s survival, his reply was a resounding “yes.”
EU´s Greenbook
Beyond evaluating current developments in the European economy and the common currency, coping with the past also found its way onto the agenda. Were auditors supposed to foresee the crisis? The European Commission has initiated a broad-based consultation as to the role of the mandatory opinion-rendering function. A Greenbook of the EU comes up with controversial reflections on a new setup of auditing activities and the framework for the auditing sector. “Creating mandatory auditing consortia by involving smaller auditing firms would be a pivotal catalyst for the dynamics in the auditing space and would curb the market distortion brought on by the “Big Four“, noted Mag. Peter Kopp, CONSULTATIO partner and CPA.
Get-together at the CONSULTATIO - Offices
The delegates´visit to the CONSULTATIO Services Center in Floridsdorf, Vienna, that opened in 2008, marked the highlight for CONSULTATIO; Mag. Gerhard Pichler welcomed the attendees on behalf of all CONSULTATIO partners and presented the comprehensive services portfolio and the 40 year plus history of this venerable Viennese auditing firm. The delegates were also shown around the state-of-the-art premises at the CONSULTATIO, thus getting a first-hand idea about their Austrian AGN partner.
You can see the pictures here
 Author contact details: |
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CONSULTATIO WIRTSCHAFTSPRÜFUNG GMBH & CO KG
Karl-Waldbrunner-Platz 1,
1210 Vienna
Austria
Tel: (+43 1) 27 775 0
Fax:(+43 1) 27 775 279
Web: www.consultatio.com |
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