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Senate to vote on controversial accountancy switch rules

Tuesday 27 November 2012

The upper house of parliament will today vote on plans to force large companies to change their accountant every eight years and ban them from providing commercial advice to companies which they also audit.

If the senate gives the green light to the new legislation, hundreds of firms will be forced to switch accountant next year, the Financieele Dagblad says.

The legislation stems from the 2008 financial crisis and unease over the role of accountancy firms.

Upheaval

The four big firms - Ernst & Young, KPMG, PwC, and Deloitte — and their clients, oppose the change, saying it will create massive upheaval in the sector.

Former finance minister Jan Kees de Jager managed to head off the measure, arguing the European Commission is currently working on similar plans.

The FD says it remains to be seen if his successor, Labour’s Jeroen Dijsselbloem, takes the same pragmatic approach, given that Labour is now a partner in the coalition and the commission is dragging its feet.

It is unclear which way the senate will vote, the FD says.

Should the new rules become law? Have your say using the comment box below.

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Readers' Comments

Hi,
Senate to vote on controversial accountancy switch rules. In Holland there not reason why an undertaker can’t be a midwife or marry people. Accountants and estate agents have a special privilege in Holland, this should change.

By Terence Hale | 27 November 2012 10:47 AM

It seems like a good idea, but companies should have several years to adjust. No one should have to switch in the next five years. The big firms just don't want to lose their best customers.

By Dave | 27 November 2012 4:21 PM

@ Dave ... they have already had more than several years to adjust. This legislation solves noothing as by the time this law is implemented, the big firms will have created a shuffling game - that will effectively move clients amongst their forms and also move accompanying personnel along with their respective clients... net effect = zero, except for recruiters who will make handsome fees for the employees swaps.

By Xeno | 27 November 2012 9:17 PM