EU audit reform reduced to 'paper tiger'

The EU is close to overhauling rules for financial auditors, but critics say the reform will be a paper tiger unable to break up the dominant position of the world's four biggest audit firms.

The legal affairs committee of the European Parliament on Tuesday (21 January) approved a draft agreement struck late last year with member states and the European Commission on the so-called audit reform package.

Its proponents are saying that the new rules will weaken the dominance of the "...