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No more scams like Gowex two different auditors

The regulations had been on hold for almost a year. But the outbreak of the Gowex scandal has led the No more scams  Government to expedite the approval. within the framework of the new Audit Law.  legislation that requires list companies to have two different auditing firms certify their accounts. The Spanish Minister of Economy Luis de Guindos, said last week that the  scandal is an “extremely unfortunate quite unique case. However, he announc that the Government will legislate to strengthen the controls that have allowed this to happen . As El Confidencial Digital has learned from sources familiar with the Executive’s plans, the Ministry of Economy will recover the approach of forcing listed companies, through the new Financing and Audit Law, to have two different auditors sign the review of your accounts.

Inspired by the French audit model

Impera in France. The neighboring country . The French Securities Market Commission created a group of experts in 1993 to reflect on the independence of the auditor and the co-audit was identified as a determining factor to Brazil Phone Number List  guarantee the independence of the work of the auditing firms. In this way, the two selected companies will have to jointly address No more scams  issues such as the opinion on accounting principles, the relationship with the board of directors and the company’s management. Points or internal control problems. This is interpreted by analysts, such as industrial engineer and electrical sector expert Jorge Morales de Labra as  business decision .  The greater or lesser contribution of this important source of electricity production does not depend so much on the weather as it does with the wind, but on the designs of the electricity companies themselves.

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Entry more competitors into the sector

The sources to which ECD hasregulations is to open the market to new auditors mainly medium-sized, and break the monopoly exercised in Spain by the big four. Deloitte KPMG  Price. Waterhouse  Afghanistan Phone Number List Coopers and Ernst & Young. The European Commission is commit to transforming the auditing sector throughout the No more scams  European Union. It is about regaining in the information by these companies and which has been call into question in recent years due to serious accounting errors, for example, in Spanish savings banks. The electricity companies defend themselves and attack the Government. They argue that the increase that is going to occur is due to taxes and regulated costs.

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