@techreport{Mack, type = {Working Paper}, author = {Mack, Sebastian}, title = {Give us the tools and we'll finish the job: How Europe can fix the broken audit market}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:b1570-opus4-45330}, pages = {19}, abstract = {The European audit market has been broken for far too long. After glaring audit failures in the recent past, the legislation is once more under review. Fixing the persistent shortcomings will require serious reforms in three areas. To increase competition and rein in the dominant position of the Big Four, joint audits including at least one challenger firm should become mandatory. Auditors should be prohibited from providing their audit clients with consulting services to eliminate conflicts of interest. And the European Securities and Markets Authority (ESMA) should directly supervise the biggest audit firms to ensure effective oversight. With bold and binding tools, European decision-makers can finish the job and finally turn the EU audit market around.}, language = {en} }