The speech by Commissioner Maria Luís Albuquerque at the XV Congress of the Portuguese Order of Certified Auditors underscores her vision for a more integrated and trustworthy European capital market, with a strong focus on the audit profession.
A Framework Grounded in Trust and Ethics
Albuquerque emphasizes the indispensable role of auditors in ensuring financial credibility and investor confidence. Her message repeatedly stresses that trust is a foundation to be earned and maintained, rather than taken for granted. She aligns ethical conduct and professional rigor as central tenets for sustainable economic growth and market stability.
Concrete Proposals and Policy Orientations
While Albuquerque refrains from proposing fundamental changes to the auditing rules established by the 2014 reform, she highlights the uneven and sometimes deficient supervisory environment across EU member states as a key obstacle. She announces an upcoming public consultation to explore the possibility of stronger coordination or centralization in audit supervision, a move that could increase EU-level oversight and reduce nation-state fragmentation.
She also notes the balancing act between simplification and regulatory clarity, especially regarding sustainability reporting, where the first Omnibus initiative opted for guidance over stricter audit requirements in order to reduce burdens.
Stakeholder Impact and Political Cleavages
The proposed policy shift favors stronger EU-level supervisory authority (CEAOB), potentially enhancing cross-border market efficiency and investor protection while imposing higher compliance and administrative demands on audit firms. National supervisory authorities could see diminished unilateral control, and while investors and the public may benefit from increased audit reliability and transparency, audit companies might face tighter oversight and challenges to their operational autonomy.
Albuquerque’s stance navigates the cleavages of integrating EU-level supervision versus preserving national control, ensuring audit independence amidst growing non-audit service revenues, and simplifying regulatory frameworks without undermining ethical standards. The speech constitutes a call for harmonization and ethical steadfastness rather than regulatory overhaul, signaling incremental but meaningful shifts in audit sector governance within the EU.