It emerged last week that the European Commission, the European Parliament and EU member states have reached an agreement on the way forward for controversial new audit rules.
In its initial format, the legislation required European businesses to establish special audit committees and rotate audit partners every seven years, in addition to imposing certain restrictions on non-audit work.
According to the Financial Times, which saw the compromise text last week, under the new proposals, EU member states will be able to "determine that the functions assigned to the audit committee or a body performing equivalent functions may be performed by the administrative or supervisory body as a whole".
The European Parliament is expected to officially approve the new document in October.
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