Managing Director of our company, Mr. Vilmos Wessely, as Head of the IT Section of the Chamber of Hungarian Auditors summarized the most important comments on Green Paper outlining the future of auditing and containing reform measures planned by the European Union in this field and discussed on the conference of FEE (Fédération des Experts Comptables Européens) in Brussels on 30th June 2011 in his two-page paper with the title "Audit Market and the Green Paper".
As a positive phenomenon he stresses that the players of the EU market - on the basis of their reactions to the Green Paper - regard audit as one of the major guarantees of public trust rather than an administration burden. The author agrees with the European Commissioner for internal markets, Mr. Michael Barnier that Hungary cannot ignore the international regulation and development trends of audit either. According to the opinion of our Managing Director this implies two major consequences for the Hungarian small and medium-sized audit companies. On the one hand, integration and federation: on the present market, dominated by the Big-Four companies, inland audit networks using the same methodology and quality assurance could be competitive. On the other, the Audit Chamber should make supporting steps in the field of audit services provided by its members so that the work done supplies direct benefits for the users, contributing also to the respect of audit.
