EU lawmaker pushes to make auditor switching mandatory

After the EU has so far failed to make auditor switching mandatory, in documents seen by Reuters, the EU Parliament's legal affairs committee chairman Klaus-Heiner Lehne has proposed that draft mandatory auditor switching rules are altered:

In his paper circulated among MEPs, a copy of which was seen by Reuters, switching would be mandatory but the maximum period for keeping the same accountant would stretch to 14 years, much longer than the six to nine years proposed in the draft law.

(Reuters)

Proposed rules would force companies to switch their auditor, in an attempt to break up the dominance of the big four. However there are concerns that these rules could damage good working relationships.