Senate to vote on controversial accountancy switch rules
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.
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.
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