Deputy State Secretary for Taxation and Accounting Zoltán Pankucsi asked for zero tolerance at the plenary session of the European Audit Inspection Group (EAIG) held in Budapest. He stressed that the supervisory authorities of the twenty-eight EU member states must take a firm stance against negligent auditors or those involved in fraud.
This year, the Ministry for National Economy (NGM) hosted the two-day EAIG meeting, the top event of this profession. In his keynote speech, Zoltán Pankucsi stressed that revising and tightening auditing regulations in Hungary has become an issue that is more pressing than ever. It is high time for the entire European Union, he added, to draw the right conclusions and adopt a hard line against incompetent auditors.
Zoltán Pankucsi pointed out that Hungary’s initiative presented in 2013 has been successful: the NGM-based auditing supervisory panel had launched a very rigorous control mechanism with which 40 percent of auditors have failed to comply and the market has been cleared. He concluded that Europe can only respond to financial scandals with rigour and zero tolerance.
The Deputy State Secretary also said that the NGM has concluded a partnership agreement with the Public Company Accounting Oversight Board (PCAOB) of the United States which includes strict and objective requirements and this has been the recognition of Ministry measures.
(Ministry for National Economy)
