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The Council of the European Union (EU) has adopted the Eighth Company Law Directive which updates and introduces additional EU rules on the audit of company accounts, establishing minimum requirements for statutory audit of annual and consolidated accounts.
David Devlin, president of the European Federation of Accountants (Federation des Experts Comptables Europeens - FEE), said: "[We] particularly welcome the proposals on key issues such as application of international standards on auditing, quality assurance and new arrangements for public oversight...